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■ c ~' ..... : ™; / Thursday April 8 1982 VWF 

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proposes 



ministry 

The Labour Party and the TUC 
have reached agreement on a 
Department to take over most 
functions of the present Depart- 
ments of Industry and Trade 
and much of the -Treasury’s 
responsibilities. 

. The proposed Department of 
Planning would be the main 
feature of Labour's ; economic 
programme for the next elec- 
tion. 

A meeting of the TUC-Labour 
Party liaison subcommittee on 
planning and - industrial 
democracy approved in principle 
the key measures-proposed in a 
draft report to be issued later 
this year. Back Page 

U.S. oil fee plan 

Support is - gathering in 
: Washington for a plant o impose 
an oil import fee of $5 a barrel 
to . help reduce U.S. budget 
deficits.- Page 3 


Gilts add 
0.58; 
equities 
rise 8.3 


• GILTS rallied, the Govern- 
ment Securities index gaining 
0.58 to 67.11. Page 32 


U.S. INITIATIVE ON FALKLAND ISLANDS CRISIS 

Haig in peace mission 


BY REGINALD DALE IN WASHINGTON AND JOHN WYLES IN BRUSSELS 

President Ronald Reagan failed to win the immediate sup- 
stepped up U.S. diplomatic port of its EEC partners 
attempts to end the Falkland® 
crisis by despatching Mt 
A lexander Haig, the LLS. Secre- 
tary of State, to London and 
Buenos Aires in the quest for 
a peaceful solution. 

Mr Haig’s mission 
coincided with signs of a dis- 
tinctly more conciliatory atti- 
tude by the Argentines. Sr 
Eduardo Roca. Argentina's UN 
Ambassador, said on television 
yesterday that his country 
might consider a withdrawal of 



• EQUITIES also recovered. 
The FT- 30-sbare index added 
&3 to . 56L3 — the day's best. 
Page 32 


Invasion aftermath, Page 4 
Callaghan broadside stuns 
Tories, Page 10 
Economic Viewpoint and 
Lombard. Page 19 


its troops ts part of an overall 
settlement of the dispute. 

Sr Boca, interviewed on the 
CBS morning news programme 
in the U.S, pointed out that a 
United Nations Security Council 
resolution calls for a cessation 
of hostilities, withdrawal of 
Argentine troops and a negoti- 
ated settlement. 

"We think the three parts 
could be negotiated.” he said. 

*‘We can talk about the three' lunch 


N-freeze call 


• STERLING rose 1.25 cents to 
SL762 in London. It improved to 

Doctors from 31 countries in- 1 £4fi2ft*?*?gwF? YSi5) -and ^ 
eluding the US.. Soviet Union J^n.ow - ^ts 


parts together — it’s not impos- 
sible to arrive at a solution.” 

In Brussels Britain's request 
for a European Community-wide 
ban on imports from Argentina 


Several of the member 
countries — West German v, 
France, Belgium and the Nether- 
lands — have confirmed a ban on 
arms shipments, but most have 
asked for more time io study 
the problems in closing their 
doors to imports worth up to 
$1.5bn (£S50ra) a year. 

Mr Haig was due to fly to 
London overnight for talks with 
Mr Francis Pym, the new 
British Foreign Secretary today 
and he then planned to go to 
Argentina. 

. The White House stressed 
that Mr Haig’s mission did not 
involve “mediation” — a word 
that Britain does not like — 
but was merely the preliminary 
stage of a U.S. effort to resolve 
the crisis. It said that both the 
British and Argentine govern- 
ments had invited Mr Haig to 
their capitals. 

Mr Francis Pym “ warmly wel- 
comed the visit of a friend and 
ally” for consultation in imple- 
menting the Security Council 
resolution and the withdrawal of. 
Argentine troops from the Falk- 
land Islands. 

Mr Haig is expected to have 
talks with Mrs Thatcher and her 
senior advisers before and after 
at 10 Downing Street 



today. The Secretary of State 
is expected to fly to Buenos 
Aires this evening. 

Britain is maintaining Its 
stance that no negotiations 


HAIG: talks at No 10 


with the Argentine regime can 
take place before the invading 
forces are pulled out of the 
Falkland Islands. Diplomats 
refuse to speculate about any 
possible compromise with the 
military junta while Argentine 
occupation continues. 

Mr Reagan, who on Monday 
offered to act as an "honest 
broker" in the dispute, took 
the decision to send Mr Haig 
lo both capitals at a meeting 
yesterday morning with his 
security advisers, before leav- 
ing far a five-day working holi- 
day in the Caribbean. 

The intensified U.S. activity 


followed talks between Mr Haig 
and the British and Argctnine 
ambassadors and the Argentine 
Foreign Minister on Tuesday. 

In what appeared to be the 

first sign of possible progress 
in the crisis. Sr Nicanor Cosia 
Mendez, Argentine Foreign 
Minister, said after the talks 
that hg had " great hopes ” of 
negotiations on the dispute with 
the UK. He was confident that 
” an honourable and just peace " 
could be negotiated. 

David Marsh writes: Sterling 
steadied on European foreign 
exheange markets yesterday in 
reaction to growing diplomatic 
moves to find a peaceful solu- 
tion to the crisis. 

The pound dosed in London 
at S1.7620, up 1.25 cents, re- 
covering two thirds of its fall 
on Tuesday. 

It also gained against Contin- 
ental currencies, and its trade 
weighted index calculated by : 
the Bank of England rose to 
90.0 from 89.4 on Tuesday. 

The pound’s recovery was re - 1 
fleeted in an easing of interest 
rate pressures on the London 
money market. The three month 
interbank rate dropped to 13!.'. 
per cefit from 131;'; per cenL 

The London stockmarket also 
rallied after showing falls over 
the last two days. The FT In- 
dustrial ordinary index, reflect- 
ing the share price movement 
of 30 blue chip companies, rose 
8.3 points in yesterday’s trading 
to 561.3. 


Union leaders 
urged to quit 
state bodies 

BY JOHN LLOYD AND ALAN PIKE 


and UK. called foil a freeze on 
production, testing and deploy- 
ment of -nuclear 'weapons. 

Page 3 

Ugandan arrests 

Ugandan troops arrested about 
10,000 people in Kampala in the 
biggest ever operation against 
anti-government guerrillas. 

V WALL STOEET was up 0.19 

three qthen were- jmyod from •;•. EEC -urged -Japan, to' pledge 
South? : - Africa S ; : top-security. -of its 

r#)tis,* tit ftilA v CofintiUhty; 
pri-,Tq^n. • ; would seek changes in Japanese 
policies through GatL Page 5 


trade-weighted index was 90 
(89.4). Page 29 

• DOLLAR eased in London to 
DM. -2.4135 (DM 2.4145), SwFr 
L964 (SwF r 3-969) and 724ft 
(Y247.9). .- Its trade-weighted 
index was 116 J. (116.3). Page 29 

• GOLD rose in London to 
2353, close to the day's worst 
leveL Page 29 


Pym wins breathing space 


BY PETER RIDDELL, POLITICAL EDITOR 


MR FRANCIS PYM, the new 
Foreign Secretary, yesterday 
won critical political breathing 
space to. pursue- a diplomatic 
settlement of the Falkland 
Islands crisis in the fortnight 
before the naval task force 
reaches the south Atlantic. 

Opening yesterday’s emergency 
Commons debate. Mr Pym speci- 
fically left open all his negotiat- 
ing options. His 'emphasis 


Reiterating the Prime Mini- 
ster's words of last Saturday, 
he said the intention was "to 
see that the Falkland Islands 
are. freed from occupation and 
returned to British administra- 
tion at the earliest possible 
moment" 

The use of the words 
" administration ” puzzled many 
MPs’ and led Mr . James 
Callaghan, the former Prime 


■’ to mwc] 

PolfaooOr Prisoa, ■ 


throughout/- ’was'-TOs .diplomacy. Minister; to--qurtfiyTi '- Whether 


Zimbabwe killing: 

Two men were killed .in a 
grenade-attack in eastern Z^m- 
- babwcu r-" Police: hiained' rebels 
from Mozambique who are 
thought to be backed by South 
Africa. 

Passengers fall 

London Transport /passengers 
• have fallen by ttbout' £m to 5m 
a day since bus and tube fares 

WcFe doubled last. -month. 

Tax fraud fear 

Three Appeal Court judges 
urged' an Investigation into 
whether there was a criminal 
conspiracy to. defraud the In- 
land Revenue of lax due on the 
estate . of Sir. Charles Clore. 
Page B 

Thatcher setback 

The Prime Minister’s, son Mark 
Thatcher will not race in two 
British Formula One champion- 
ship meetings this weekend as 
he has no sponsor. 

Up In smoke 

Hiss Cherry CaJvert-Johes left 
£2.500 in her will to the cancer 
research campaign — and £20 to 
buy cigarettes ' for patients at 
Mendip Hospital where, she was 
once a patient. 

Briefly... 

Alleged Red Brigades killers of • 
Aldo Moro go on trie! in Rome 
next week. 

Typesetters’ srike stopped all 
Rome, newspapers except II 
Globo. 

Twelve South Yemenis were 
sentenced to death in Aden for 
sabotage- ... 

Sorict troops intruded three 
fnilps imo Iran, Wiling up to 
50 Afghan rebels. 

Publishers Notice 

The- -Financial Times will not 
he published tomorrow’. Good 
Friday, April 9 and Easter Mon- 
day. April ■ 12. It will be pub* 
Hshod oh Saturday, April 10 as 
usual. 


RAIL strike earlier this year 
cost the 1 Government- between 
. : £50m and £6flm in extra loans 
and grants to the NCB and the 
■ CEGB. Back Page 

0 BRITISH GAS is considering 
buying supplies from Qatar’s 
North Field, one of the world’s 
biggest natural gas reservoirs. 
Back Page 

• ROWNTREE MACKIN- 
TOSH, confectionary group, 
sold its 23B percent holding in 
Huntley and Palmer Foods to 
Nabisco Brands of New York 
for £18. 1m. Back Page 

• ROLLS-ROCYE Government- 
owned aero-engine manufac- 
turer, had pre-tax profits of 
£18m last year, against a £22m 
losi Page 8 

• BAYER, one of W. Germany’s 
big three chemicals concerns, 
saw pre-tax. profits foil 10.3 per 
cent to DM 1.4bn .<£329m) in 
1981. Page 2ft 

• DEUTSCHE BANK West 
Germany’s biggest commercial 
bank, lifted aftertax income of 
its parent bank 19 per cent to 
DM 242m (£56^m) in 1981. 
Page 26 • . 

• HONGKONG LAND, one of 
the world’s biggest- property 
companies, raised 1981 consoli- 
dated net profits 134 per cent to 
HK$1.43bn (£138.7m). Page 27 

• PHOENIX ASSURANCE saw 
pre-tax profits fall 6.5 per cent 
to £30.1m last year. Page 20; 
Lex,. Back Pi^e 

• SUN ALLIANCE anid London 
Insurance announced- pre-tax 
profits of £70.9m last year, 
against £69 .Sul Page 23; Lex, 
Back Page 

• AURORA HOLDINGS, Special 
steels, . engineering and. castings 
group, reported a pre-tax loss 
.0f-.£524ra -last year, against 

£1.83m profit. Page 20; Lex, 
'Back' Page 


and <m the pressures of. wurid 
opinion, especially the need for 
other- countries to take action 
against Argentine imports and 
to encourage their banks to 
make no - new loans to the 
•Areentjne. • ■ 

He said: “There will be time 
before the task force reaches 
the . area to do everything 
possible to solve the problem 
without further fighting. We 
would much prefer a peaceful 
settlement But if all efforts 
fail, the Argentine regime will 
know what to expect: Britain 
does not appease dictators.” 

Mr Pym's speech, which was 
well received by Tory back 
benchers, gave no clues as to 
the type of settlement the 
Government favours. 


It was last night made dear 
that Britain's position will be 
based on the UN resolution ro 
that Argentina must be com- 
mitted to a withdrawal of its 
forces before UK agrees to 
open talks about longer term 
solutions. The reference to 
** administration” does not 
mean acceptance of any lease 
back. • • 

There has been a distinct 
Change' in niood. amddJfTfflRk in " 


this was being equ^d With last Couple of days. In con 


reassertion of British - sover*. 
cignly. He was worried about 
whether the use of "adraini* 
stration " might lead to a ceding 
of sovereignty via a lease back 
deal, which has already been 
rejected by the islanders. 

Mr Pym’s initial response 
was ambiguous— and worried 
some Tory MPs. He said that 
after only two days in office he 
was not competent to make a 
precise • distinction of any 
difference. Mrs Thatcher, how- 
ever, intervened to say that 
despite the Argentinian in- 
vasion she still regarded the 
islands as sovereign British 
territory arB that the wishes of 
the islanders must be "para- 
mount’* 


trast to the heat and bellicosity 
of last Saturday’s debate, the 
lone yesterday was notably 
sombre and restrained, MPs 
have become more aware of 
the difficulties of the use of 
armed force and of the need 
to put all the effort now into 
diplomacy. They axe also con- 
scious. at least privately, of the 
possibility of a change an public 
mood. 

The Government has now 
gained the benefit of the doubt 
in its efforts for the time being 
from its own supporters and 
from many Opposition. MPs. 

Tory MPs have clearly united 
behind the Government after 
recent traumas and the minis- 
terial changes, though their 


support is heavily conditional 
upon a successful outcome. The 
future of Mrs Thatcher also 
depends on this. 

The debate yesterday was 
marked by remarkable cross- 
party currents with Mr John 
Peyton the MP for Yeovil, 
wanting of the dangers of a 
naval expedition and being 
criticised for being somewhat 
defeatist by Mr Callaghan. 

Mr Callaghan, in his most 
effective form, challenged the 
ability of Mrs. Thatcher to con- 
trol operations and said she 
should call on a senior Con- 
servative Privy Counsellor and 
a high powered inner Cabinet 
to co-ordinate the operations. 

Mr Callaghan also criticised 
the Government for having 
imposed upon itself a deadline 
of a fortnight for negotiations. 


£ in New York 


April 6 


previous 


Spot S 1.7500 >7520 S 1.7655-7670 
1 month 0,22-0.26 pm 0.29-0.34 pm 
3 months 0.55-0.60 pm 0.82 0.80 pm 
12 months 3.-10 2 .85 pm 2.50-2.73 pm 


TRADE UNION leaders are 
coming under increasing pres- 
sure from their members to pull 
out of tripartite bodies unless 
they can quickly demonstrate 
that they are exerting some 
influence on the Govcrnmcm's 
economic and employment 
policies. 

TUC general council members 
will face demands lo withdraw 
from the Manpower Services 
Commission and the National 
Economic Development Council 
at their annual congress in 
September. 

However, the issue of whether 
the TUC should remain on the 
commission is likely to come to 
a head much sooner than 
September because uf ihc 
Government's attempts in intro- 
duce new training arrangements 
fur young people. 

Members of a Manpower 
Services Commission task group 
were last night meeting m a 
final attempt to devise a radical 
new approach to training for 
school leavers acceptable to 
both sides of industry. 

But even if. as appeared 
possible last night, the task 
group makes unanimous recom- 
mendations to Mr Norman 
Tebbit. the Employment Secre- 
tary. it is far from certain that 
he will accept them. 

Rejection by Mr Tebbit of the 
commission's proposals for 
developing his Youih Training 
Scheme for unemployed teen- 
agers into a programme for all 
16-year-old school leavers — 
whether they Rave jobs or not — 
would quickly intensify pres- 
sure within the TUC for it to 
withdraw from the commission. 

TUC withdrawal would make 
it very difficult for the Govern- 


ment to run its own version of 
the Youth Training Scheme for 
the young unemployed in an 
effective way. But Mr Tebbit 
wil have to weigh this against 
the fact that some of the TUC’s 
conditions for participating will 
not easily be accepted by 
ministers. 

The task group has already 
agreed that the allowances paid 
in young people on the scheme 
should be at least £25 per week 
— compared with the Govern- 
ment's initial view lhat they 
should be about £15- 
At last night’s meeting TUC 
representatives on the task 
group were pressing for a still 
higher allowance. One wav m 
which they suggest an extra £3- 
£A per week could be raised 
would be to divert funds from 
the Young Workers' Scheme, 
under which employers receive 
subsidies if they pay young 
people less than £40 per week 
— something which Mr Tebbit is 
certain to reject. 

TUC representatives on the 
task group were last night also 
sticking out on two olher issues 
— the right of trade unions to 
negotiate trainees’ terms and 
conditions, and a rejection of 
the Government's view that un- 
employed young people who do 
not choose to participate in the 
Young Worker Scheme should 
be prevented from drawing sup- 
plementary benefit. 

The TUC's future participa- 
tion in the NEDC is less imme- 
diately in question, but strong 
calls for an end to that partici- 
Cod tinned on Back Page 
Neddy papers, Page 6 
Men and Matlers, Page 18 
Ncdo forecasts productivity 
fall, Back Page 


Employee buy-out plan at 
Redpath Dorman Long 


BY MAURICE SAMUH50N 

AN EMPLOYEE buy out of Red- 
path Dorman Long has been 
proposed by opponents of the 
sale of this British Steel Cor- 


As part of the deal. Trafalgar 
intended to make 600-700 of the 
company's 3,200 employees 
redundant ia the first year, just 
poration heavy engineering sub- over half of them manual 


sidiary to Trafalgar House. 

The Steel Industry Manage- 
ment Association, one of the 
nine unions represented at the 
company has sought auditors’ 
advice on the possibility of a 
buy out similar to the ’ recent 
sale of the stale owned National 
Freight Corporation. 

Olher unions are also under- 
stood to be interested in the 
proposal. 

Last week the corporation 
said it had agreed to sell its 
100 per cent share in the 
Bedford-based subsidiary to 
to Trafalgar for £10m. 


workers. 

Besides expressing concern 
over the redundancy plans, the 
unions say the selling price is 
"derisory." They also claim 
that a merger with Trafalgar, 
which already owns Cleveland 
Bridge Engineering, would 
almost eliminate competition in 
the UK’s heavy engineering 
industry. 

Trafalgar interests also cover 
property, heavy shipping, hotels, 
newspapers and construction. 

Similar concerns are strongly 
expressed hy Mr R. Gann Orr, 
Continued on Back Page 


Sotheby’s likely to show a loss 


BY JEREMY STONE 

SOTHEBY'S, the international 
fine-art. auction-house, is likely 
to show a loss for the year to 
August after a pTe-tax piofit of 
£7m last year. This pessimistic 
view of current trading was 
disclosed yesterday -by Lord 
Westmorland. 

At the same time he 
announced his decision to step 
down as chairman in 3 major 
boardroom reshuffle. He has 
been chairman for just more 
than two years.' 

Mr Gordon Brunton, chief 
executive of . ' international 
Thomson, is to -become non- 
executive chairman of Sotheby 
Parke Bernet Group, Sotheby's 
parent company; in. Lord West- 
morland's place. Mr Brunton 
has been a director of Sotheby’s 
for four years. 

Mr Jesse Wolff; the company's 
U.S. legal adviser, and a former 
director, will . return to the 
board as non-executive deputy 
chairman. 

Five members of ihe present 
board are to stand down 
although only one, Mr W. 
French, is resigning from The 


group “owing to pressure of 
other business commitments." 

The other changes are evi- 
dence of a management restruc- 
turing which began when 

Mr Graham Llewellyn was 
appointed chief executive . at 
the end of last year. 

Like Lord. Westmorland, who 
is to collaborate with his pre- 
decessor Mr Peter Wilson in 
generating business around the 
world, the four directors who 
are leaving the board, are giving 
up some managerial responsibi- 
lities to concentrate on. their 
work as specialists. 

Mr Peregrine Pollen and Mr 
Marcus Linell will: continue to 
work in Bond Street; Mr David 
Nash and Mr Robert Woolley 
will remain, in New York.. .. 

Managerial -V '• responsibilities - 
are to be concentrated in. the 
hands of Mr Julian Thompson 
and Mr Andrew Alers-Hankey. 
who will be chairman and man- 
aging director, respectively ‘ of 
Sotheby ParJke Bem«L . Lord 
Westmorland .vrill * remain, a 
member of the' main Board. Mr 
Wilson is to be group honorary 


life-president. 

Mr P. J. Spira, Sotheby's 
finance director, said yesterday 
the Board expected a sizeable 
decline in net sales. The com- 
pany's main rival Christies 
released its preliminary results 
last Tuesday and also said 
volume had been inadequate in 
relation to costs. 

Whereas Christies has con- 
tinued to show profits, however, 
though much reduced in the 
second half, Sotheby's believes 
the drop in volume will bring 
about a loss. 

Efforts have been made to 
cut costs, including a 20 per 
cent reduction in staff and the 
progressive transfer of Sothe- 
by's Belgravia to Bond Street 
premises. 

It is thought, however, these 
moyes were made loo late in the 
season to have much - effect on 
the J981-82 results. Sotheby’s 
shares dropped 40p yesterday, 
to finish at Slftp. In 1981 they 
reached a peak at 645p. valu- 
ing the company at more than 
£72m.. 

Men and Matters, Page 18 


SHARE REGISTRATION 


Why the NatWest 300 
go about it better than most 


• GILL AND DUFFUS Group, 
international commodity broker, 
reported a fall in pre-tax profits 
from £23.08m to £12£m for 1981. 
Page 21; Lex; Back, Page 


CONTENTS 


Sony 

. 18 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence' unless otherwise indicated) 


Each. . I J Jpc -1986 . .. £932 + J 
Exch. 134 pc;. 1994 ... £94 + If 
Assoc. Book Pubs.... 390 + 37 
+.13 
+ 6 - - 
+ 7 
+ 12' 
+ 3 
+ '«... 
+ 8 
+ 6 

+12 

Huntleigh J_H 4: .12 . 

Huntley & Palmer. . . 97_‘+ ft . 

1CI .. 32D .+ 4 

Land Securities' ...'-288 + 6. 
Lee Refrigeration... ZW "+ '20 
Lloyds Bank 432 +'• 14' " 


BAT inds. 

415 

Barratt Devs. 

268 

Bass - ;. 

224 

Blue Circle 

456 

Bronx Eng. .... — 

21 

Burton 

178 

Chubb 

119 

Copydox -.r- 

48 

Glaxo .i...... — 

570 


NatWest Bank 420 + 8 

Northern- Foods . ... 160-. + 8 

Pilkington 257 + 14 

■> Portals .520 + 14 

Reed (Austin) “A” 81 + 8 
Rowntree Macintosh. I7fi + 20 
Stewart Wrightson 220 + 20 

Unilever 616 + 16. 

BP 288 + 6 

Shell Transport.. ... 384 + 10 

Jcfburg. Cons. £27 + 1 

-FALLS: 

, Phoenix . Assurance 234 — 8 

Sotheby P. B 315 .f- 40 

Sun -Alliance 815...— 11 

Anglo. Am. Inv. Tst, £25f— . } 

' Hartcbeest T22f — f. 

TUndTontein Ests.... £24j— i 


World photographic indiistry: 
squares up to Kodak 

Economic viewpoint: Falklands— the 
price to be paid 19 

Franco-German tank: bleak prospects 
for development 2 

Technology: Amdahl’s computer gamble 
in Ireland 11 


Business law: the ghost of “sleeping 
dogs” 15 

Management: U.S. advertising agencies 
inyade Britain : 16 

Editorial comment: indexed gilts; China 
and the U.S 18 

Lombard: John Wyles on problems in 
Euro-American relations 19 



•a 




> 



* 

\ 




Amnion 

Appointments 

Appts. Advtg. ...... 

Arts 

Bose Ram 

Commoditiei 

CompsnMs. UK ... 
Crossword 

Scon. Indicators ... 
Enures in. Guide ... 
European News ..; 
European Options 

Euromsrkats " ...,T. 

FT Actuaries 
Foreign Exchange* 


3 

9 

72.14 
17 
2 
31 
20-23 
17 
22 
17 
- 2 
22 
' Z* 
- 32 
29 


Inti. Comppnied 24-25-28 

loader Page -18 

Lattais ••••• 13 

38 

Lombard 19 

London Op iron* ... 22 

Management .. - 18 

Men & Matters ... 18 

Mining 22 

Money Market* ... 29 

Overseas Neves . . 4 

Pari lament -10 

Racing 15 

Sharo Information 34, 35 
Stock Markets: 


London 32 

Wan Street 30 

Bourses 38 

Technology 11 

TV and Radio 15 

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Financial Times Thursday April 8 1982 


EUROPEAN NEWS 




James Buchan in Bonn looks at an ill-starred attempt to arrange a marriage of technological convenience 

Bleak omens for Franco-German tank project 


TANKS ARE like wives, few 
men want to share them. Since 
World War Two, there have 
been three West German 
attempts to develop jointly what 
armies like to call a “main 
battle tank.” 

The first effort, with France 
in the . late 1950s, ended in 
failure and the so-called 
MBT-70, an extremely ambitious 
U 5. -German attempt to develop 
a new concept for the 1970s, 
fared little better. 

Bonn has now returned to its 
first love in France but the 
omens for this latest project, a 
joint tank to match the Soviet 
T-72s . and T-SOs in the 1990s, 
look equally bleak, despite the 
. fierce advocacy of Chancellor 
Helmut Schmidt who launched 
the idea at meetings with 
President Giscard d’Estaing 
soon after the Soviet invasion 
of Afghanistan. 

But while the emphasis then 
was on European defence co- 
operation in the face of Soviet 
adventuring. Herr Schmidt has 
now come to regard the project 
in terms of France's record 
trade deficit with West Germany 
— nearly DU 12bn (£2.7bn) in 
1981. He is also aware that few 
other schemes lend themselves 
to co-operation on this scale. 
Although France and West 
Germany worked on a number 
of joint military projects in the 
1970s, including the Alpha Jet 
and various missile systems, 
none of these compare in 
importance with a new front- 
line tank. 

Wits have dubbed this 
" Kampfpanzer 90 ” the Kanaie- 
p arize r (Chancellor panzer), for 
the embattled Chancellor must 
face opposition not only from a 


majority of parliamentarians 
but also from within the defence 
establishment The support of 
Herr Hans Apel. the Defence 
Minister, seems to be based 
more on loyalty than conviction. 

Paris is pressing hard for a 
decision from Boon whether to 
go ahead with a “ definition 
phase M for the project A 
deadline of March 31 has been 
grudgingly extended until May 
to allow the Chancellor time to 
rally support for . his view of 
the overriding political value 
of the tank. 

None the less, there is a 
strong possibility that there 
wHI he no Franco-German 
Chancellor’s tank in the 1990s 
but remodified and individual 
versions of the German Leopard 
and French AMX-30. ironically 
the descendants of the very pro- 
totypes that French and German 
officer's failed to combine into a 
joint tank project in 1958. 

At that time, military think- 
ing leaned towards speed rather 
than armour as the best pro- 
tection, and both countries, 
started off agreeing on a light 
tank of around 30 tons. 

The nest few years, however, 
saw a marked change in German 
attitudes to the relative value 
of mobility and the Leopard- L, 
when it fianlly entered series 
production in 1965, weighed 
well over 40 ions, against 36 
tons for the AMS-30. The re- 
quirements for the MBT-70, 
written in 1963, envisaged a 
Tan kwei girt of 53 tons. Despite 
a heavy commitment of lime 
and money on the German side, 
and despite good performance 
by the German prototypes at 
tests in the U.S. in the 1970s, 
the tLS. military and defence 





Leopard II tank on a 

industry balked at the idea of 
using German technology. After 
much dithering, each side went 
ahead with its own version, the 
Leopard 2 in Germany, and the 
M-l in the U.S. 

Even so, German industry 
and, particularly, Krauss-Maf- 
fei in Munich and Krupp Mak 
in Kiel, received a considerable 
fillip from the project and the 
54-ton Leopard 2, which entered 
service with the Bondeswehr in 
1979, incorporated several revo- 
lutionary features. Foremost 
were the new and largest 120mm 
smooth-bore cannon, developed 
by Rheinmetall of Dusseldorf 
and capable of firing fin- 
stabilised ammunition, and a 
stabilised gun control system 
that permitted the tank to fire 
on the move. Other advances 
included a sophisticated trans- 
mission, a welded turret and 


training exercise 
laminated armour. 

In other key respects,, the 
Leopard 2 was well in advance 
of its ageing French counter- 
part A crucial measure of tanfc 
efficiency, the ratio of power to 
weight, showed 27.7 horsepower 
per ton for the Leopard 2 and 
only 19.5 HP/T for the AMX-30. 

The French tank has been 
considerably up-dated and the 
AMX-30 B2, announced in 
1977 and just now being de- 
livered to the French army by 
Atelier de Construction 
Rouanne, incorporates an im- 
proved fire-control syste m and 
the means to fire fin-stabilised 
ammunition. The French] claim 
that the new tanks, and the 
“retrofitting” of the AMX-30 to 
the standards of its successor, 
will be the equal of anything in 
service until the end of the 
1980s. 


There is strong suspicion in 
the West German arms indus- 
try and in the Bonn defence 
staff, however, that a co-opera- 
tive project for the 1990s 
would deliver up to the French 
that German technical excel- 
lence which goes back to the 
wartime Panther and Tiger 
tanks but received a particular 
boost through the development 
of the MBT-70 and the 
Leopard 2. 

This can only be confirmed by 
plans for the new tank so far 
revealed by Herr Apel. The 
basis for the project will be the 
Leopard's chassis, fire-control 
system and Rheinmetal gun. 
Most significantly, the blue- 
prints expect to incorporate 
West German advances in auto- 
matic loading systems. By elim- 
inating the need for a third 
man as loader in the turret, 
this .will permit the first major 
reduction in tank size (and 
vulnerability) for almost 50 
years. 

Opponents of the joint tank, 
particularly in the powerful De- 
fence Committee of the Bun- 
destag, have selected three 
other areas for attack. The 
most important is the higher 
cost of a joint project, as coo- 
pared with a development of 
the Leopard 2 in Germany. This 
is particularly difficult ground 
for Herr Apel because of his 
embarrassment at the huge cost 
ov errun s of the Tornado multi- 
role combat aircraft, a joint 
development with Britain and 
Italy. 

Second, there Is a gap of five 
years in the requirement of the 
two countries for a new tank. 
While it is accepted in Bonn 


that the Leopard 2 can soldier 
on, with some modifications, un- 
til the mid-1990s, the French are 
urgently seeking to replace the 
AMX-30 series from 1989 
onwards. 

Third, there are sharp differ- 
ences in the two countries’ 
attitudes to exports of weapons. 
While the Bonn Government is 
now battling efforts by both 
coalition parties further to res- 
trict exports outside the Nato 
area, the French suffer no such 
inhibitions and actually 
developed a special version of 
the AMX-30 series called the 
AMX-32 for export— so far with 
littie success. There are fears 
that France would not only 
crowd Germany out in supply- 
ing a new joint tank to the Nato 
countries that bought the 
Leopard 2 but also deluge such 
countries as Saudi Arabia which 
Bonn has found itself unable to 
provide with the Leopard. 

Herr Apel is now badgering 
the Defence Committee and his 
own Social Democratic Party to 
accept at least the “ three-year ” 
definition phase far the project, 
which would cost the Federal 
budget only DM 156m and 
would not commit either side to 
proceeed with the tank. 

Parliamentarians are wary 
however, about the possibility 
that by 1985 the project will 
have gone so far ahead that it 
will be impossible to cancel, 
and the Christian Democrat 
head of the Defence Committee, 
Hear Werner Marx, said in 
January that he could find no 
majority in the Bundestag in 
favour of the project. Despite 
Herr Schmidt's efforts, tins 
appears to be unchanged. 


Threat to delicate truce between Polish students and authorities 


BY CHRISTOPHER BOBINSKl IN WARSAW 


A BREAKDOWN in the delicate 
' truce between Poland’s students 
and the martial law authorities 
looked probable yesterday fol- 
lowing the resignation of Mr 
Hemyfc Samsonowicz, Rector of 
Warsaw University. 

The move, which comes as the 
students take their Easter break, 
shows that the position of those 
in the party leadership arguing 
for conciliatory policies is being 
eroded. 

These include Mr Hiernonlm 
Kubiak, the Politburo member 
in charge of education and cul- 
ture, and Mr Mieczyslaw 
Rakowski, a deputy Premier, 


who is known to have opposed 
Ihe recent disbanding of the 
Polish Journalists’ Association. 

Journalists were due yester- 
day to meet Mr Jerzy Urban, 
the Government Press spokes- 
man, to protest against the dis- 
banding, but he is expected to 
tell them that the decision is 
final. 

Mr Samsonowicz was elected 
head of Warsaw University 
under democratic procedures 
last year. 

He was permitted to remain at 
his post once the university re- 
opened after the martial law 
clampdown and this is one 


reason why its students have not 
so far indulged in any open 
protests. 

Since the imposition of mar- 
tial law, Mr Samsonowicz has 
been expelled from the Com- 
munist Party and the leadership 
of the party cell at the univer- 
sity dissolved. 

Nevertheless spokesmen for 
the enlightened wing of General 
Jaruzelski’s administration have 
claimed that the fact that Mr 
Samsonowicz was still at his post 
was proof of the moderate 
course of the authorities. 

This claim has been shattered 
with Mr Samsonowicz’s resigna- 


tion, the resignation of his 
three deputies, who were also 
democratically elected and the 
appointment by tiie Government 
of Professor Kazimierz Dobro- 
wolski, a 51-year-old biologist in 
his place. 

Relatively few heads' of uni- 
versities have been forced to 
resign since the clampdown, but 
the chances are that those 
democratically elected last year 
will be forced to go either before 
or during the summer: ' 

Mir Khttiak has churned m 
private meetings with 'leading 
intellectuals that he' opposes 
hardline policies, tu^t at the 


weekend he came in for 
criticism at a party ideological 
conference, and the move at 
Warsaw University could be a 
direct result of that. Meanwhile, 
yesterday's meeting between Mr 
Urban and . representatives of 
journalists who wrote to General 
Jaruzelski was expected to pro- 
duce advice by the government 
to join the new orthodox 
journalists’ association. 

The journalists include Mr 
Richard Kapuscinski, a well- 
known reported and Mr Zygmunt 
Szehiga, deputy editor of 
Potityka, the weekly which is 
still edited by Mr Rakowski. 


About 1,200 journalists have 
lost their jobs in purges of the 
media. 

In contrast to these repres- 
sive developments, Mr Jerzy 
Kuberski, the gov ernm ent’s 
Religious Affairs Minister, went 
out of his way to give the 
impression that relations 
between Church and -State are 
good, when he gave a Press 
conference. 

Meetings between the two 
sides are producing Izhtfie pro- 
gress, especially on the Church’s 
demands that the authorities 
revive Solidarity. 


NEW ISSUE April 7, 1982 


FNMA 


FEDERAL NATIONAL 
MORTGAGE ASSOCIATION 


$1,000,000,000 

15.00% Debentures 

Due September 10, 1985 

Cusip No. 313586 LW 7 


Dated April 12, 1982 

Series SM-1985-Q 
Non-Callable 

Price 100% 


The debentures are the obligationsof the Federal National Mortgage Association, 
a corporation organized and existing under the laws of the United States, and 
are issued under the authority contained in Section 304(b) of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 1716 etseq.). 

This offering is made by the Federal National Mortgage Association 
through its Senior Vice President-Finance and Treasurer with the assistance 
of S rationwide Selling Group of recognized dealers in securities. 

Debentures will be available in Book-Entry form only 
There will be no definitive securities offered. 


John J. Meehan 

Senior Vice President-Finance and Treasurer 

100 Wall Street. NewYork, N.Y. 10005 


Allen C. Sell 

Director of tho Fiscal Office 


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K v ■ ' . i 

Prague pledges help for Warsaw 


BY DAVID BUCHAN 

CZECHOSLOVAKIA Will help 
Poland to keep its factories 
turning over fay increasing raw 
materials supplies and by 
taking finished products in 
return, according to an agree- 
ment reached at the end of the 
twoday visit by General 
Jaruzelski, the Polish leader, to 
Prague this week. 

The visit was the third 
foreign trip by General 
Jaruzelski in the last five weeks. 
His travels to the Soviet Union, 
East Germany and Czechoslo- 
vakia have been designed to 
show that Poland is once more 
safely back in the East 
European political fold, and to 
persuade Comecon partners to 
make use of Polish industrial 
capacity. 

A statement carried by the 
official Ceteka news agency in 
Prague said the Polls b-Czech 
industrial co-operation would be 
in the areas of engineering, 
electrical enjdneering, metal- 
lurgy and chemicals, but it 
gave no details of when 


Czechoslovakia might - start 
increasing material supplies. So 
far, only the Soviet Union has 
delivered on its promises erf 
increased help. 

Czechoslovakia, like others of 
Poland’s Comecon partners, has 
had to accept reduced deliveries 
of primary goods from Poland. 
Under an accord signed in 
January, bilateral Folish-Czech 
trade in 1983 will total 3780m 
(£43 3m) but with much lower 
Polish coal exports than laid 
out in the current five-year 
agreement. Poland is reserving 
much of its coal production, 
substantially increased so far 
this year, for possible sale to. 
the West in order to repay its 
enormous hard currency debt 

Poland has been forced to 
turn to Comecon partners for 
helu on many projects which 
had been developed with 
Western help but which are now 
hard-hit by Western govern- 
ments’ freeze on export- credit 
to Poland. 

One example is the big Ursus 
tractor factory outside Warsaw, 


where continued involvement of 
Massey-Fergusoa-Perkins, the 
UK company,' has been made 
difficult by the UK Govern- 
ment’s suspension of credit to 
Poland. 

The Czechs, heavily involved 
in earlier Ursus deevlopment, 
have been asked for help again. 

Polish officials have drawn up 
a list of some 50 industrial pro- 
jects in which they believe that 
Comecon partners can help. If 
these came to fruition, Poland 
will find itself trading substan- 
tially more with fellow Socia- 
list countries. Last year, it 
sent 57 per cent of its exports 
to Comecon and drew 61.9 per 
cent of imports from Comecon. 

But not all Comecon partners 
are ready to help. Polish 
officials in London say that so 
far the Soviet Union, East Ger- 
many, Czechslovakia and Bul- 
garia have shown interest in 
special cooperation deals, but 
Romania, the political maverick 
in Comecon, and Hungary, in- 
creasingly orientated towards 
western trade, have not 


OECD backs Ankara strategy 


BY DAVID TONGE 

TURKEY’S economic stabilisa- 
tion programme has been 
“ remarkably successful ” but 
further structural changes are 
urgently needed, according to a 
report by the Paris-based 
Organisation for Economic 
Co-operation and Development, 
published today. 

The report notes that inflation 
has been brought down from 
around 100 per cent in 1980 to 
a current rate of less than 40 
per cent 

It quotes Turkish forecast 
that, this year, the economy will 


repeat last year’s growth of 4.4 
per cent But It also wstii that 
the rate of inflation and deficit 
on the current account of the 
balance of payments require 
the continuation of present 
au"teritv policies. 

Looking ahead, the report 
predicts that Turkey’s medium- 
term growth is likely to range 
between 4 and 5.5 per cent It 
forecasts that Turkey’s need 
for foreign credits could fall, 
but it says that growth is likely 
-to be too low to cut back unem- 
ployment from its present high 
levels. 

Past forecasts have ranged 


around 15 per cent of the labour 
force; the OECD quotes figures 
putting the rate at 11 percent. 
It emphasises the need to help 
the. small and medium enter- 
. prises most hit by the country’s 
recent recession and to avoid 
wasting Its relatively few high 
school graduates so badly 
needed by the economy. 

The report calls on Turkey 
urgently to introduce develop- 
ment policies to take advantage 
of its agricultural potential. It 
insists on the need for a “ real- 
istic national energy plan, with 
a strong emphasis on energy 
conservation.” 


West German minister resigns 


BY OUR BONN STAFF 

FRAU ANTJE HUBER, 
Minister for Family Affairs in 
the West German coalition 
Government, resigned from her 
post yesterday in the wake of 
persistent speculation that Chan- 
cellor Helmut Schmidt plans a 
malor shuffle of his Cabinet 
Frau Huber, a member of 
Herr Schmidt’s -Soda I Democrat 
Party and Family Affairs 
Minister since 1976. is believed 
to have been deeply dis- 
appointed by the Chancellor's 
failure to deny the speculation 
over her job. 

The Family Affairs Ministry 
said she had offered her resig- 
nation as early as last autumn 
over the Government's cuts In 
family allowances but had been 
dissuaded by Herr Ham Apel, 
the Defence Minister, because 
rtf toe 'damage this "would do to 


the Government’s position. 

There is as yet no concrete 
sign of a major shuffle, and 
Frau Huber’s resignation from 
such a minor post Would not in 
itself force the Chancellor's 
hand. Indeed, it is possible that 
Frau Huber will carry on In a 
caretaker role. 

Indeed, the Chancellor is 
understood to have been sur- 
mised, and unpleasantly so. by 
Frau Huber's action. He is 
known not to favour tinkering 
with his cabinet but any sweep- 
ing changes must wait for firm 
decisions on the more senior 
posts such as the Defence 
Ministry, where Herr Apel has. 
been faced with considerable 
problems, or at Finance, where 
Herr Hans Mattboeffer has heart 
trouble. 

• The increase in uranium out- 


put and subsequent price drop 
has aJ ready dampened invest- 
ment interest in exploration 
and could jeopardise supply over 
the longterm, according to a 
jpint renort released yesterday 
by the Organisation for Econo- 
mic Co-operation and Develop- 
ment (OECD) and the Inter- 
national Atomic Energy Agency 
(IAEA), AP-DJ reports from 
Paris. 

The OECD and the IAEA said 
that the sluggish growth of 
nuclear power combined with 
increased supply capabilities 
have contributed to the short- 
term uranium over-supply. 

FINANCIAL TIMES, pubtiahad daily 
eacapt Sundays and hcMoya. U.S. 
aubaedwaon raws $365.00 P«r annum. 
Sooond Gda» nonage Dfad M Naur 
York, N.Y., and at additional mailing 


Brussels proposes 
ceiling on imports 
of cereals from U.S. 


BY JOHN WVtfS M BRUSSELS 

THE European Commassion 
yesterday infuriated the Reagan 
Administr ation by proposing to 
the Community's member states 
that a ceiling should be sot on 
U.S. sales to toe EEC of toe 
cereals substitute, com gluten, 
feed, worth. 3500m (£277m) a 


U.S. officials in Brussels were 
predicting a hostile reaction 
from Washington to a move 
which is seen as escalating the 
conflict with the Ten over 
agricultural trade issues. 

In-- essence, the Commission 
has decided to seek approval 
from member governments to 
resort; to Article 28 of the 
General Agreement on Tariffs 
and Trade (Galt) to impose a 
quota on com gluten imports 
which have free access to the 
Community. Widely used as an 
anfaTwJ feed, com gluten is a 
byproduct of gkicose and com 
starch manufacturing. 

At toe same time, the Cam- 
mission also sent yesterday a 
communicatio n to the Japanese 
Government which marks toe 
first stage in its attempt to use 
Article 23 of toe Gaft to force 
Tokyo to open up its domestic 
market to more manufactured 
imports. 

In both the U.S. and Japanese 
cases, the Commission argues 
that it is legttisiMrtely using the 
Gatt to protect and pursue Com- 


munity interests within the 
international free trading 
system* 

Commission officials denied 
yesterday that the move against 
UJS. com gluten imports is in 
retaliation for ■ Washington's 
current attempts to use the Gatt 
to outlaw toe EEC's system of 
subsidising farm exports. 

Rather, they argue, an attempt 
to freeze cereals substitutes 
imports from the U.S. at l9Sl! 
levels of 3m tonnes is a vital 1 
component of its strategy f or 
containing toe overproduction i 
of cereals in the Community 
and the alignment of domestic 
EEC prices with U.S. support 
prices which are 30-40 per-cent 
lower. I 

In reality, however, the; Com- . 
mission's move appears to be a • 
concession aimed at persuading 
the French Government to ' 
accept the basic elements of its i 
strategy during the current farm 
price negotiations an S per cent 
rise in cereals guarantee prices \ 
and a production quota for 1S82- ! 
83 which, if exceeded, would 
trigger a price reduction in the 
next farm year. 

The Commission claims that 
the EEC's current cereals sur- 
plus is caused largely by the 
growth of corn gluten imports' 
from 0.7m twines in 1974 to< 
nearly 3m tonnes last year, of 
which 95 per cent came from 
the U.S. 


New technology prompts 
Rome newspaper strike 


BY JAMES MJXTON M ROME 

THE BIRTH in Italy this week 
of a national newspaper, H 
Globa, has prompted strikes on 
aH other Rome newspapers in 
protest at toe new technology 
that toe newspaper has in- 
stalled. 

The newspaper, winch 
revives a title that became 
defunct in 1974, is intended to 
be mainly economic in content. 

I-t has a direct-input system, 
by which journalists can com- 
pose their articles on video 
screens and' toe articles can be 
set by a computer without toe 
intervention of a printer. 

The system Is not yet to 
operation, as jounuEsts are still 
being trained to use it 
Despite II Globa's contention 
that its existence is creating 
printing Jobs, toe Bonne printers 
sea -it as a serious -threat. The 
ironical result of yesterday’s 
strike was that toe only Route- 
produced newspaper to come out 
was H Gtobo, though it too was 
reduced in size by the strike. 

H Globo is owned bv a con- 
sortium of industrialists, of 
which the biggest shareholder is 
Sig CaUisto Tamd, owner of the 
Parmalat milk concern. Its 
editor, Sig Michele Uto, for- 
merly editor of the successful 


Genoa newspaper U Secola, is 
of the centre-left 

Although the front page or - 
the newspaper for its first two' 
editions has been dominated by 
national political news, more 
than one third of its pages are 
devoted to the economy. This 
means it is challenging toe . 
increasingly successful MHan- ; 
based financial newspaper n 
Sole-24 Ore, which is owned by 
Gonfindustrio, the em ployer s' 
association, and whose format = 
and colour resemble those of ■ 
toe Financial Times. E Gtobo ' 
is a tabloid. 

According to Sig Tito, the 
newspaper intends to have ■ 
wider horizons than n Sole, 
with more foreign coverage. 

The last new national news- 
paper in Italy was La RepuMka, 
which appeared in 1976-Apart s 
from Coiriere Della Sera, based 
in Milan, and La Starapa, from 
Turin, toe rest of the Press is 
essentially local. 

H Globo does not arrive at a 
happy time for the Italian Press. 
Daily newspapers lost L398bn 
(JE165m) in 1980, although finan- 
cial help is on the way with the 
passing last year of a law which 
will give newspapers state finan- 
cial assistance. 


BASE LENDING RATES 


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[ Members of tfite Accepting Nausea 
Committee. 

7-day deposits 10%. 1 -month 

10.25%. Short term £8,000/12 
month 12.6*/.. 

7-dajr deposits on sums of: under 
£10,000 10^%, £10.000 up to 
£50.000 11%, £50.000 and over 
11VA. 

Call deposits £1.000 and over 
10%. 

21 -day deposits over £1.000 11’ 4 % 
Demand deposits 1tKn%. 

Mortgage bass rata. 


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® IN MIDDLE EAST 
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for the 3 complete volumes. 

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; financial Times .Thi^edaty April 8 1982 


AMERICAN NEWS 


•' '<1. 
■ l- 




behind plan for 
U.S. oil import fee 


BY REGINALD DALE, US. EDITOR IN WASHINGTON 


h r K|.; r ,L - Ih, 

: -’‘ v »ii , ' ’fcv.' 
h-\ .,i ?,, n. 


SUPPORT IS gathering in 
Washington b ehin d a.controver- 

■ sial proposal to impose an oil 
import fee of $5 a barrel to help 

«?• reduce soaring U.S. budget de^ 
ficits. -But, while the idea has. 
; r been canvassed by White House 
'7 officials in their budget negotia- 
tions on Capitol Hill, it does not 
v yet apparently have the ap- 
proval of President: . Ranald 
Reagan. 

The ' political feasibility of 
‘ imposing such a fee is con- 
sidered to have increased with 
falling international oil prices, 

’■ but it. would -still run into stiff 
‘ 7 opposition — particularly in the 
nation’s most oil-dependent 
’ regions like New England and 
the Atlantic Seaboard States. 
c The non-partisan Congress 
sional Budget Office has esti- 
■’ mated that the fee would in- 

■ crease the price of petrol, home 
heating oil and other petrol earn 
products by up to .22 cents a 
gallon and add nearly a full 
percentage pomt to the inflation' 
rate— unless the weak world 'oil 

- market forced . oil- exporting 
countries to absorb part of the 
increase, 

' Estimates of how much the 
fee would yield the Federal ex- 
chequer vary widely; depending 
on differing predictions of the 
impact on the general economy. 
The CBO, however, has calcu- 
lated that revenue from the fee, : 
plus a windfall profits tax 'on 
-the oil companies, wotdd.be in- 
tbe $ilbn to $13bn range start- 
ing in 1983. 

The higher .prices, on . the 
other hand, would cost the Gov- . 
eminent, as an oil user, several 
hundred million dollars, and up 
,. to S2bn in higher social security 
and other benefits triggered by 
the higher inflation Tate. 

. Oil producing regions of the 
"1 U.S. would . be expected -to 


benefit as the price- of domestic- 
ally produced: 'oil rose in-line. 
Most major nS companies' are 
nevertheless' believed to be 
opposed to the fee. . . 

Some of the Republican 
senators participating in ' the 
budget negotiations — now 
'-adjourned mcoh&usrrely until 
after the Easter recess — are 
reported to favour the proposal. 
They- are ? said to include 
Senator Robert Dole;- the 
Finance .Committee chairman, 
and Senator Pete Domestic!, the 
chairman ' of the Budget- Com- 
mittee. • - ■ 

. "White House officials are- said 
tp favour the plan because they 
need a .“big. .ticket” . revenue 
raising item in the absence of 
any indication that Mr Reagan 
will agree to any alterations in 
his tax-cutting programme or a 
significant, reduction in defence 
spendingr ' ' 

Under the i.Trade Adjustment 
Act;, the President could; im- 
pose a. fee .by executive order, 
which . could . be blocked only 
by. a resolution passed by both 
houses of Congress. The snag 
is that Mr. Reagan could only 
do this on grounds pf .national 
security. 

Meanwhile, a- -major plank of 
Mr Reagan’s “new Federalism" 
policy appears to have fallen 
through — at- least for' tbe time 
being. After months of un- 
successful - negotiations with 
state and local officials, the 
Administration has suspended 
its efforts to write .legislation 
transferring welfare* and food 
stamp programmes to the 
States in exchange for Federal 
assumption of all- the costa of 
the .Medicaid- programme of 
health care for the poor. Legis- 
lation now looks unlikely this 
year. ' • 


Doctors call 
for nuclear 
arms freeze 


By .bn Davidson 


Victory for Trudeau critic 


BY OUR FOREIGN STAFF 

‘ MR BRIAN FECKFORD." 
Premier of Newfoundland and 
"one of ihe most vocal critics of 
Mr Pierre Trudeau, the Canadian 
Prime Minister, "has won a 
thumping victory in * the -elec- 
tion of a new provincial legis- 
lature. . -- • 

The Progress i ve Conservative 
Party took 44 of* tbe .52 seats in 
the legislature, as against the 33^ 
jdhich put Mr . Ffeckfosd- into '; 


office three years . ago. The 
Liberals slumped to eight seats 
and the social democratic New 
Democrats were wiped out 


Mr peckford has fought tooth 
and nail .against the central 
Government's- claim to owner- 
ship of the gas and oil discovered 
off the aa&srvkft Newfoundland. 
Hfc -made thtyi dispute his .main 
"election 'feufc • * 


DOCTORS from medical 
organisations is 31 countries, 
including the U-S„ the 
Soviet Union and the UK, 
and claiming to represent at 
least 30/100 physicians, 
yesterday called for a freeze 
on the production, testing 
and deployment of nuclear 
weapons. This would be a 
first step towards multi- 
lateral negotiations on the 
ultimate elimination of 
nuclear weapons. 

. Their appeal, which was 
addressed to President 
Reagan of the U.S- and 
President Brezhnev of the 
Soviet Union, was drawn np 
at the . conclusion of the 
second congress of the Inter- 
national Physicians for the 
Prevention of Nuclear War, 
held last weekend in 
Cambridge. 

On Tuesday Mr Alexander 
Haig, the U.S. Secretary of 
State, rejected calls for a 
nuclear weapons freeze, 
which have been proposed 
by, among others. Senator 
Edward Kennedy, and argued 
that there would be little , 
prospect of progress In arms' 
control negotiations with the 
Soviet Union unless the Ad- 
ministration’s plans for 
rebuilding American 
strategic forces received full 
. support. 

In its appeal, the doctors' 
group says “ nuclear war 
would be a catastrophe for 
any country against whom 
these weapons were used with 
tens of hundreds of millions 
of people killed instantly. 
There would be no possibility 
.of an effective medical 
response in the ensuing chaos. 

The growth in sheer num- 
bers of nuclear weapons and 
the increasing complexity and- 
sopbisti cation of delivery 
systems increase the possi- 
bility that a nuclear conflict 
.may be triggered by tragic 
accident, it says. 


Mexico inflation rate 
up 3.7% in March 

Mexico’s rate of inflation 
increased 3.7 per cent last 
month bringing the total for 
the first- quarter to 13.1 per 
cent compared with 8 per 
cent in the corresponding 
2981 period, according to the 
bank of Mexico, William 
Chislett writes from Mexico 

City- 

'* Inflation is f orecast by 
Government economists' to be 
60 per cent this year, double 
that in 1981. . , - 


Reagan tests the Caribbean temperature 


BY CANUTE JAMES IN KINGSTON 


PRESIDENT REAGAN arrived 
in Jamaica yesterday at the start 
of his four-day “working holi- 
day.” His visit— to include 
Barbados, where 'he will meet 
several leaders of tbe East 
Caribbean countries — wall be 
used as a barometer of the 
reaction to his proposed “ Carib- 
bean basin initiative:" a package 
of financial assistance, incen- 
tives for investors and duty-free 
access to regional exports to the 
United States. 

The proposal] s have already 
been welcomed by the Common- 
wealth Caribbean countries, 
□one more so than Jamaica. Mr 
Edward Seaga. Jamaica's Prime 
Minister and Finance Minister, 
has described Mr Reagan's pro- 
posal s as being “bold, historic 
and far reaching in concept 
especially in the stimulation of 
trade and investment." Mr 
Seaga's response was no doubt 
influenced by the US$5 Dm 
(£2 8m) his country will be 
receiving of the proposed 
$350m in aid under the pro- 
gramme. 

Mr Reagan has said that 
Jamaica is one country where 
the plan can work: It is. indeed, 


the keystone of the United 
States' economic policy for the 
Caribbean. The battered 
economy has just started to pull 
itself out of right years of stag- 
nation, reporting a modest 1.5 
per cent growth in GDP last 
year and forecasting 4 per cent 
for this year. Aid from the 
United States has been an 
important element 
. Consequently. Mr Reagan will 
be heartened by his discussions 
here with Mr Seaga. but things 
'are likely -to be less convivial in 
the Eastern Caribbean. The 
Foreign Ministers of the Carib- 
bean economic community 
(Caricom)--* group of L2 
English - speaking ' countries 
including Guyana and Belize — 
met last week in Belize City and 
expressed reservations about 
some aspects of Mr Reagan's 
proposals. 

The countries concerned have 
been enthusiastic about pro- 
posals for allowing duty-free 
entry for regional exports, 
except garments and textiles, 
over a 12-year period. They 
are unhappy, however, with the 
money they are likely to get 
from the initiative: $10m. Quite 


simply, they want more, and 
their requests to Mr Reagan 
will be backed by sound 
economic logic. 

The President has promised 
tax incentives for U.S. com- 
panies wishing to invest in the 
region, but the smaller Eastern 
Caribbean countries say they 
will be unable to attract these 
investors because they lack 
fundamental infrastructure. 
They feel more than ?10m — 
which will work out to about 
Sim for each country — is 
needed to improve their com- 
munications, transport, electri- 
city, water and sewerage 
systems. Severn! leaders are 
annoyed at what they regard as 
Mr Reagan’s treatment of Mr 
Seaga as a favoured son. 

More disturbing to Mr Reagan 
will be the region's attitude to 
the likely exclusion of Grenada 
from the benefits of the pack- 
age. The U.S. Government and 
the Leftist administration of 
Mr Maurice Bishop, the Prime 
Minister of Grenada, have been 
at loggerheads for the past three 
years. This is mainly because 
of the island's friendship with 
Cuba, which has been deepening 


since Mr Bishop's party took 
power in a coup which ousted 
Mr Eric Gaixy. 

The proposed aid programme 
is being debated in Congress in 
Washington. If it is passed, 
then President Reagan will have 
the power to say which coun- 
tries will be included. On the 
basis of current foreign policy 
positions, Grenada and Nicar- 
agua are likely to join Cuba 
on the outside. 

The Caricom countries, 
despite strong ideological 
differences with Mr Bishop, will 
tell Mr Reagan this week that 
Grenada must not be excluded. 
Last week's Foreign Ministers 
meeting "reaffirmed the prin- 
ciple that participation in the 
programme should he open to all 
Caricom countries." according 
to a communique. 

This common front which Mr 
F.oasan will encounter is a 
potential problem or Toreicn 
policy, and one on which he 
micht he forced to enmorom'se 
1o maintain the suoport of the 
Tenon’s Prime Ministers. 

The President regards the aid 
package as important in keep- 


ing the countries of the Carib- 
bean looking towards Washing- 
ton and away from Havana and 
Moscow. The potential bene- 
ficiaries on the other hand, are 
less concerned with what the 
President secs as Communist- 
inspired and supported insurrec- 
tion in Cenrral America, and 
more with propping up choir 
own battered and weak econo- 
mies. 

The Caricom countries last 
year rejected a small U S. loan, 
being disbursed through the 
Caribbean Development Bank, 
because Washington said none 
of the fund’s should be allo- 
cated to Grenada. 

It is unlikely that they wtl! 
reject the proposed aid package 
because of Mr Reagan's likely 

veto of assistance to Grenada, 
hut the East Caribbean leaders 
could end up spoiling Mr 
Reagan's holiday by suggesting 
anion which is inconsistent with 
hi*? Administration's foreign 
policy. Dealing with his sun- 
burn when he leaves the Carib- 
bean on Sunday will not be the 
oniv problem he will take b«tck 
lo Washington. 


Strains on the economic lifeline to Latin America 


BY PETER MONTAGNON, RECENTLY IN CARTAGENA 


VENEZUELA'S finance minis- 
ter, Dr Luis Ugueto, missed last 
week's Inter-American Devel- 
opment Bank annual meeting. 

To a casual observer it looked 
as though he had turned down 
the chance of a good party. With 
succession of lobster and cham- 
pange open-air receptions in 
the balmy Caribbean breeze, 
the whole occasion gave off an 
almost festive air. 

Yet the reason for Dr 
Ugueto’s absence — he was at 
home in Caracas rescuing his 
budget from the impact of 
lower oil tax revenues— was in 
Itself an indication of the way 
in which all is not well in Latin 
America. Even those Finance 
Ministers who did make, the 
party could scarcely conceal 
their acute underlying concern 
over the economic future of the 
continent. 

Among the other oil ex- 
porters, Ecuador is wrestling 
with an exchange crisis brought 
on by declining oil prices and 
has begun soundings on a $900m. 
(£50 Om) credit to rescue its 
private sector from the effects 
of devaluation. 

Mexico is struggling to raise 
$20bn abroad this year and has 
had to cut economic growth 
back to around .4 to 5.3 per cent 
in an effort to curb its soaring 
balance of payments deficit. 


for the oil-importing countries. 
Dr Carlos Langoni, governor of 
Brazil's Central Bank, reckons 
that at a conservative estimate 
the lower oil price should save 
Brazil some 3600m to $lbn 
this year. This will not make a 
dent in the country's massive 
foreign borrowing requirement, 
however, as exports are likely 
to grow more slowly than 
expected. 

At best Argentina, whose 
economy slumped by 6 per cent 
last year, has been hoping for 
a modest resumption in growth 
in the second half of the year 
as confidence in the policies of 
its new Finance Minister, Sr 
Roberto Alemann, leads, to a 
revival of investment. However, 
the Falklands crisis jeopardises 
all these hopes. 

In 5 neighbouring Chile, 
growth fell to 5.4 per cent last 
year from 7.5 per cent in 1980 
and is-pxpected to be even lower 
in 1982, according to Finance 
Minister Sr Rolando Ramos 
Munoz, 

Even Colombia, which now 
ranks , as one of the best-rated 
borrowing . countries in Latin 
America because of its rela- 
tively -low foreign debt, saw its 
growth rate decline last year to 
under ;3 per cent from 4.2 per 
cent in 1980. 

Growth rates now. .being 


Soutr Mi. ■ Amman Pwn l a p m rn« Em 


S Billion 


fceai Economic 
Growth in 
Latin America 



m 







•wi, 





s 




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1 




hr, 





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. 


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SIMM 




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America’s 


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balance of 




Payments Deficit 



Inter-American 
Bank Loan 
Comm itments 
i jassst jajaaa - 


1979 1980 1981*1 1979 1980 1981 1979 1980 1981 


Nor are things .much better ^posted in Latjp .Amerlc* are 


not sufficient to offset the rise 
in population. With living stan- 
dards declining, fears of social 
unrest are growing, and mean- 
while balance of payments prob- 
lems continue to worsen. 

According to Sr Antonia Ortiz 
Mena, the Inter-American Bank 
president, the combined cur- 
rent account deficit of tbe 
region rose last year to 534bn 
from $27.4bn in 1980. 

Nor, he says, are the pros- 
pects for growth and balance 
of payment's encouraging in 
1982. Growth in the industrial- 
ised world will be inadequate 
to stimulate an. immediate ..in- 


crease in Latin American 
export and external debt sen-ic- 
ing will continue absorb a 
large portion of Latin American 
export revenue. 

As if this was not bad 
enough, the Latin American 
nations here were also locked 
in bitter dispute with the United 
States about the future of the 
Inter - American Development 
Bank itself, which they have 
come to regard as a lifeline 
The United Stales wants to 
curb the rise in the Bank's lend- 
ing to Latin America and gradu- 
ate some of its better-off 
-Thations- out of use of bank's sub- 


sidised resources. Ii is taking 
n particularly tough line on the 
proposed sixth capital replenish- 
ment, which is intended lo set 
the maximum permissible lend- 
ing levels for the four years 
beginning in 1983. 

Policies such as these could 
split the Bunk apart, several 
Latin American nations argue. 
Dr Langoni told the annual 
meeting they were "an elegant 
way of condemning the Bank to 
extinction in the middle run." 

Not surprisingly, one of the 
few optimistic notes was 
sounded by Mr Beryl Sprinkel. 
head of the U.S. delegation who 
told a press conference that he 
was pleased to see so many 
nations adopting sensible 
Reagan-style economic policies. ; 
designed to limit inflation by 
removing impediments to free 
market forces on domestic 
prices and exchange rates. 

In a curious way his optimism 
for the region was also echoed 
in comments of international 
bankers 

"They (the nations of Latin 
America) have only got the 
same recession as the rest of 
the world." said one. "We pre- 
fer to take a longer term view 
and I’m sure they'll puli round," 
said another. 

“We’re only here to make 
sure they pay a higher price 
•for their loans." added a third. 



It depends on how much 







• it might help you-choose if you stop thinking of 
typewriters and word processors as different animals. 

Instead, try seeing them as different sizes of the 
.same animal. ” 

With different sizes of memories. 

So that some, for example, can stprea short 
phrase like 'yours sincerely.' 

While others can memorise the complete 
works of Shakespeare.' • - 

Lefsstart with aguided tour of our basic model, 
the Olivetti 121, and. vyprk up. . 

; The smallest memor y^ • . 
Thefirstthing you’ll notice is how quiet it is. Like 

someone typing in a cupboard. ■ 

. When you take the lid of you'll have another . 

surprise. 

Itseems empty . . . • 

„• Instead of levers, swivel joints, and springs there 
are microchips and sensors.^ 

And instead of 
handfuls-of dattery keys 
there's a'daisy wheel’ 
with .all the letters on 

stalks. 

. Whereas.thedd 
electric golfbails have' about 


. The 121 can store a line of type. It can't print it 
back for you, but it can correct any or all of the 
characters you instruct it to. 

It’s bigger brother is called the 221. 

The g rowing memory. 

It can memorfsetwo lines or 100 words. 

What's more, it'll show them to you on a visual 
display panel before it prints them. 

So if they’re not the pure gems you intended 
you can cutand polish them. 


as fast again as its smaller brother. 

Afterthis, you make the big step to our 
first machine with a memory store outside, 
our 351. 

The flo pp y disk that holds as much 
as a filing cabinet. 

The 351 stores its information on floppy 
discs, or, as the computer generation insists, 

'disks'. 

However you spell it, it's a great concept. 

Each disk can store 64 pages of information, 
and you can use as many disks as you need. 

Thus you an hold all your letters and 
documents in negligible space, and call them back 
at will. 

The machine will type ^Sk themforyouat 







While our ETS 1 010 word processor 
can remember 130 pages. 


form the cornerstone of an automated office. 
The cost of memories. 


Our new 351 word processor 

can remember 64 pages. 


Our 231 typewriter 
can remember 7 pages. 


pages. 

over 250 words a minute, with different names and 
addresses on standard letters, so that each seems 
individually written. 

Even this Leslie Welch of a machine, however 
is surpassed by something bettei; the ETS 1010. 

Our | umbo-sized memor y. 


Storage space costs money whether it's in a 
warehouse, a typewriter or a word processor; and 
the more you pay, the more you get 

For example, you can lease our121 for as little 
as £5 a week.The 221 for £7.50 a week.The 231 for 
£10 a week. Whereas the 351 with the outside 
memory store will set you back around £15 a week. 
And the ETS 1010 under £30-a-week. 

Would you like to see one or other of them? 
Simply send us the coupon 
and we'll introduce you to 
the elephant of your choice. 


CXr22ltTO€writer 
can remember 2 fines. 


2500 moving parts,ou'r * 
efectronictypek^re have 
just-100. 

This new technology ■, 
gives you featfifeuriknawn 
to the old. It can centre headings automatically, for 

instance.-. !*■-■ ", 

- But of coursertt’s thefirst vestigesof memory 

that fesrinate most .people; •. - 


Our J2I typewriter 
can rememberl lina 


. With equal precision it will justify a line to 
the right hand margin, to give a neat edge like a 
book’s, not a ragged one like a letter's. 

It’il also recall standard phrases on demand; 
yourtitie, for example. 

" Your secretary just presses a key and it’ll print 
it perfectly, as many times as she wants. 

The start of somethin g big. 

Thesefeatures alone areworth the extramoney 
(and If ifs any interest to you, the 221 is seen as the 
'hot machine inside Olivetti). 

. ■ But if you.want a typewriter that can store even 
more insideyod-have only to look af our 231. -• 

It can remember seven pages. And print half 


We designed this, our most accomplished 
word processor, round our electronic 
typewriters (the 121 and 221, see above). 

. Machines your secretary will already 
know and feel at home wrth. • 

If you like, you can buy the typewriter part first 
and add the word processing part later. 

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in our photograph. 

It will show you pages of type exactly as they'll 
appear. You can add. or take away single words or 
entire paragraphs and the machine will compensate, 
re-space and priritthe new version, holding the 
original until you wipe ft 

Altogether it can store nearly 200 pages and 



1 £ct£ ToVavrr BeJfer. Srm sh Olrnenl 
Ifl-Aed 86-88 Upaer R<e _hmontf toad, 


Pirtney LcurVyi SWTS 2UR. 


Olivetti 


| Ten phaneCi^TBS ___ ^V\fond processing. 


IS 











H HI) Hi^ pf <1 n 6) M Ml n*W H ui.irt M II Oi tij.P'i H w 


4 


Financial Times Thursday April S 1982 


THE FALKLAND ISLANDS INVASION 


i 

i 

i L 


Argentina installs administration on islands 


BY JIMMY BURNS AND ANDREW WHITLEY M BUEN05 AIRES 


More UK 
warships 


Moscow backs 


ARGENTINA yesterday in- 
stated its own administration 
on tiie occupied FalMand 
Islands, formally confirming 
what it regards as an irrevers- 
ible move. 


'■In a nationally broadcast 
ceremoDy, .led -by General 
Alfredo Saint Jean, tbs Minister 
of . the . Interior, and former 
President Gen Jorge Videla. the 
new nsMitary governorship of 
tiie islands was inaugurated. 

The installation of Gen Mario 
Benjamin Menendez masks the 
end Of the' first phase of Argen- 
tina's military occupation of the 
FaUdands, wfrieh began on 
April 2 with an invasion by 
more then 4,000 troops. 

. Yesterday's ceremony under- 
lines the military junta's deter- 


mination, to consolidate its hold 
on the islands. It wiH thus have 
a position of strength in nego- 
tiations with Britain which -are 
being mediated by the tLS. 

Gen Menendez came to 
national prominence In 1975 
as the Argentine armed forces 
moved to suppress Left-wing 
guerrillas, in Argentina. 

Gen Menendez has never been 
involved in national politics, 
but he is the nephew of Gen 
Luciano Menendez .who, two 
years ago, was involved in an 
attempted coup against the 
Buenos Aires Government. 

The hew military governor's 
last post was as head of opera- 
tions in the army chiefs of 
staff. Aged 52, Gen Menendez 
speaks. littSe English. He wiH 
therefore encounter some diffi- 


culties in communicating with 
his new subjects who have 
traditionally shunned the 
Spanish language. 

Significantly, a number of 
leading public figures joined 
the General in yesterday’s 
inauguration. They included 
bishops, trade union leaders, 
and the heads of the main 
political parties, including the 
Peronists and the Radicals, the 
two major opposition group- 
ings, all of whom had volun- 
teered to fly to the island. The 

ceremony was the most clear 

indication to date of the wide 
domestic political support 
winch the Argentine military 
regime currently enjoys over 
its Falklands policy. 

In a reassessment of the 
relative military strength of 


the two competing forces— now 
less than 10 days away from 
confrontation — the Argentine 
TtK gfr Command is publicly 
expressing confidence that it 
has the upper hand. 

Government inspired articles 
quoting “high naval sources” 
appeared in yesterday’s Buenos 
Aires newspapers underlining 
Argentina's air superiority and 
Britain's considerable logistic 
problems. The naval sources 
saad it would be impossible for 
Britain to attack the mainland 
and almost impossible to con- 
duct any successful, operation 
against the Falklands. 

The unsigned articles, which 
went into considerable detail, 
said that to mount a proper 
attack against the occupied 
islands, Britain would have to 


fly in 15,000 men. The reports 
claimed both sides were 
roughly equal in quality of 
aims, noting that Argentina's 
missile boats were armed with 
the latest French Exocet 
surface-to-surface missiles. 


prepare 
to sail 


To meet the heavy costs of 
maintaining the occupying 
fbrees on the island and to 
finance a possible war, the Gov- 
ernment is considering levying 
an additional “patriotic tax." 
The tax would be applied on 
those “who had suffered least 
in economic terms over the past 
two years,” according to the 
National news agency. The 
finance Ministry would set' up 
a special account to channel the 
revenue directly to the military 
government of Pott Stanley. 


Jimmy Burns, in Buenos Aires, looks at the cost of Falklands occupation 


Crisis upsets Argentine economic plans 


IN THE MIDST of the effer- 
vescent nationalism and self- 
congratulatory jingoism that 
has underlined most Argentine 
reactions since the invasion of 
the Falklands. the tense public 
manner of Sr Roberto Alemans', 
the ' Economy Minister, has 
stuck out like a sore thumb. 

Sr Alemann is a worried man. 
The Falklands crisis has pot 
his country on a war footing 
and forced him into taking mea- 
sures that threaten to under- 
mine the very principles on 
which his economic programme 
has always stood; 

A few days before the inva- 
sion took place he had just com- 
pleted his draft 1982 budget 
and the first tentative list of 
economic sectors he believed 
should be open to private hands. 
' ' Sr Alemann was aiming not 
just for a few readjustments to 
the economy but for substantial 
change, namely the eradication 
of inflation, considered Argen- 
tina’s national disease. Equally 
important was what appeared 
to be the first serious attempt 
to grasp the country's public 
sector nettle against which suc- 
cessive Argentine Economy 
Ministers have struggled in 
vain, largely because of military 
resistance. 

' Sr Alemann bad succeeded in 
trimming his budget deficit esti- 
mate for the year to a record 
low of 2 per cent of gross 
domestic product through 
sweeping cuts in the spending 
plans of most -state enterprises 
end Government Departments. 
This included an unprecedented 
10 per cent cut in military 
spending. 


EXPORTS OF Argentine 
tinned meat will he the prin- 
cipal casualty of Britain’s ban 
on all imports from the South 
American nation, once one of 
its leading trade partners, 
Jimmy Burns and Andrew 
Whitley write. 


Out of a total of 480.000 
tonnes of all types of meat 
sold abroad last year, a third 
went to the EEC. Britain 
was the leading single cus- 
tomer, with about half the 


EEC intake, worth approxi- 
mately $130m. 

The most likely beneficiary . 
of the trade ban, which 
Britain is hoping to extend to 
the EEC and other allies, 
would fie the Soviet Union. 

However, a Soviet trade 
mission left Buenos Aires this 
week insisting that it could, 
only take more agricultural 
exports from Argentina if the 
latter were prepared to In- 
crease its purchase of Soviet 
manufactured goods. 


Moscow now takes three- 
quarters of all Argentina’s 
grain and oil seed exports and 
In 1988 emerged as the lead- 
ing customer for meat as welL 
A Community wide ban on 
all imports from. Argentina 
would nevertheless have a 
potentially cataclysmic effect 
on the country’s foreign 
exchange earnings, fn the 
first nine months of 1980 
exports to the EEC " were 
worth $1.67bn, 28 per cent of 
the total. 


was rep or ted to have lost 7 per 
cent of its total funds due to 
withdrawals. 


He had suggested -that alone 
with strong control on money 
supply and careful handling of 
the country’s exchange rate 
such austerity could bring the 
country’s inflation down well be- 
low 100 per cent from its 1881 
world record of 131 per cent. 

His privatisation plans were 
equally ambitious, nowhere 
more so than in his apparent 
handling of Fabricaciones Mdli- 
tares, the largest military con- 
trolled industrial complex in 
Latin America. Two weeks ago 
it- had been reported that nego- 
tiations o n transferring the 
group’s steel and petrochemical 
interests to private hands were 
in an advanced stage. 

Sr Alemann had also made 
much progress in his drafting 
proposals on the opening-up of 
other key sectors of the econ- 
omy — such as the oil industry 
— to greater foreign participa- 
tion. • .. 

Underlying Sr Alem arm’s 
programme was an attempt to 


restore stability in the foreign 
exchange markets and in the 
financial system as a whole. He 
had also mustered, sufficient 
powers to ensure that certain 
potential opponents of his 
nationalisation plans, such as 
military officers who were moon- 
lighting as company directors, 
were replaced by competent 
civilians at the head of stato 
enterprises. 

Sr Al emann suggested to re- 
porters that he remained in con- 
trol of the economy In spite of 
the Falklands Invasion. How- 
ever, he may have already be- 
come a prisoner of events. His 
fight against inflation has been 
seriously undermined by the 
military costs Involved in the 
occupation of the Falklands. 
The military have never pub- 
licised their costs, but it is 
suggested that the 10 per cent 
cut In defence spending envis- 
aged in the draft budget is 
clearly no longer feasible. The 
cost of the occupation of the 


Falklands is put at more than 
$5O0m. 

Sr Alemann has suspended all 
foreign exchange transactions 
except for payments on imports 
to dampen expectations of a 
military conflict with Britain 
and to prevent a threatened run 
on the dollar as spectacular as 
the ooe that unseated his pre- 
decessor. Sr Lorenzo Sigaut. last 
year. 

On Monday alone a large 
dollar demand by panicking 
investors and a generous avail- 
ability of unofficial ' money 
changers sent the price of 
dollars soaring on the black 
market to 14,500 pesos^.20 per 
cent more than the official 
quotation of 11,500. 

The financial system has also 
been shaken by .a panic with- 
drawal of deposits. Hardest hit 
among the banks has been the 
Bank of London and . Sooth 
America (Bolsa), owned by 
Britain’s Lloyd’s Bank Inter- 
national. On Monday the bank 


Sr Alemann is trying hard to 
assuage fears, as to the psycho- 
logical impact that the difficul- 
ties' of Bolsa might have on the 
banking sector as a whole. 

Bolsa. which has an extended 
branch network in Argentina, is 
one of the oldest established — 
and until this week one of the 
traditionally most profitable — 
banks in the country. It is 
ranked seven in the league of 
private banks, and is the second 
largest foreign bank to be 
operating in Argentina. 

For the moment British com- 
panies operating in Argentina, 
such as Davy, BAT Industries 
and Unilever, insist that their 
operations are running 
normally. Sr Alemann, it seems, 
has no wish to tooefc them. He 
well knows that any freezing: of 
physical assets in the form of 
expropriation would contradict 
his liberal econ om ic philosophy 
and his simport for greater 
foreign investment. 

Sr Alemann’s economic priori- 
ides are under pressure and they 
may well crumble in the next 
few weeks. The Minister 
insisted this week that he was 
not applying a war economy. 
The measures were only 
temporary and would not affect 
the overall direction of has 
policy. However, the economy 
is bring militarised for the first 
time, since he took office. Sr 
Alemann is having to do what 
the soldiers. tril him, ;, rather 
Sian vice versa. 


LONDON — The Royal 
Navy yesterday prepared at 
least four more warships for 
sea, apparently to join the 
task force heading for the 
South Atlantic to recapture 
Falkland Islands. 

The Navy declined to com- 
ment “for security reasons” 
on six frigates that returned 
to Plymouth Navy base on 
Tuesday. Brit reports said at 
least three of them — The 
Dido, Euryalus and Battleaxe 
— were expected to join the 
fleet. 

In Portsmouth, the 
destroyer Fife was reportedly 
preparing to put to sea to 
link up with the fleet that 
sailed on Monday. 

Mrs Margaret Thatcher 
held a Cabinet meeting to 
discuss the Argentine Inva- 
sion. At .a later briefing, 
reporters were told that 
Britain had reservations 
about a “Hong Kong solu- 
tion” to the crisis. In which 
Argentina would gain 
sovereignty over the Falk- 
lands but would lease them 
hack to Britain, as China does 
with Hong Kong. 

AP-DJ 


away from openly 
siding with junta 


8Y DAVID BUCHAN, EAST EUROPE CORRESPONDENT 


THE Soviet Union yesterday 
stepped up it condemnation of 
Britain for failing to decolonise 
the Falklands Islands, but dis- 
played increasing nervousness 
about interruption of its grain 
supplies from Argentina and 
restated its “neutral position" 
in any coming conflict in the 
south Atlantic. 


Argentine envoy 
in Hong Kong 
told to leave 


A statement by the Soviet 
Foreign Ministry, telephoned 
to western news agencies, 
reiterated, in stronger terms, 
criticism carried on Tuesday by 
the Tass news agency of British 
colonial policy. But t ? ie 
ministry also said the Soviet 
"position in the conflict is 
neutral,” backing away from 
reports that it had openly sided 
with the Argentine military 
junta. 

At the start of the conflict 
last week, Moscow sat on the 
fence, abstaining on last Satur- 
day’s United Nations Security 
Council resolution calling for 
withdrawal of Argentine troops 
from the islands. Its failure to 
weild its veto was reported to 
have dismayed Argentina, a 
major supplier of grain to the 
Soviet Union. 


By Robert Cottrell in Hong Kong 

The British Government has 
told Sr Julio Ferrari, Argen- 
tina’s consul-general In Hong 
Kong, that he must dose Ins 
consulate and leave the colony 
by April 14- The consulate's 
trade attache win also leave. 

Trade between Hong Kong 
anil Argentina is modest, but 
balanced in the British 
colony’s favour. Last year 
Hong Kong exports and re- 
exports to Argentina topped 
HK$330m (£32m), primarily 
toys and sporting goods. Im- 
ports from Arg entin a, led by 
...meat, totalled HK? 127.6m. 

The Falkland Islands dash 
has been keenly followed In 
Hong Kong, where the Press 
has counselled caution and a 
political rather than a 
military solution. 


But the subsequent dispatch 
of British ships to the south 
Atlantic, and the possibility of 
a naval blockade, may now have 
raised fears in Moscow of an 
interruption in the grain flow. 

Yesterday^ statement said 
that Britain had “sabotaged” 
a long-standing UN General 
Assembly resolution earning on 
colonial powers to surrender 
sovereignty in certain overseas 
territories, of which the Falk- 
lands were one. 

“ Over many years, Britain, as 
a governing power, has stub- 


bornly opposed UN demands 
over tile decolonisation of this 
territory and dragged out nego- 
tiations with Argentina,” the 
Soviet statement said. How- 
ever, it did not refer directly to 
the Argentine troop invasion, 
and, interestingly, It explained 
that Moscow abstained on the 
British proposed resolution in 
the Security Council because it 
“completely ignored” the 
decolonisation aspect of the 

Falklands dispute. - 

The Moscow ministry also said * 
yesterday it knew northing of « 
an Argentine news report that 
Soviet submarines were soon 
expected in Falklands waters. ; 
This area is far from regular • 
Soviet naval deployments. 

April and May are peak • 
months for Argeatiine.deiiveries 
of grain to the Soviet Union, 
and according to grain traders. 
Argentina is due to ship around 
2.5m tonnes of grain to the 
Russians this month alone. 

Argentina flouted U.S. ; 
requests, after the 1980 Soviet I 
invasion of Afghanistan, for i 
curbs on grain sales to the 
Soviet Union, and vastly 
increased its sales. Last year, - 
the Soviet Union accounted for 
some 75 per cent, or 15.7m i 
tonnes, of total Argentine 
export sales of grains and oil 
seeds, with Argentina's second 
biggest customer. Mexico, tak- 
ing only lm tonnes. 

The 1981 Soviet grain crop 1 
is expected to have oaty totalled i 
between 150-1 60m tonnes— j 
though no official figures has 
been released— as against a tar- • 
get of 236m tonnes. The Soviet 
Union will -have to make up at . 
least part of the shortfall, and 
any major conflict involving 
Argentina could raise world 
grain prices, traders said. 


Rio reaffirms neutrality 
but fails to condemn attach 


BY OUR RIO DE JANEIRO CORRESPONDENT 


Gibraltar talks likely 

to be postponed 


Allies join arms ban in protest at takeover of islands 


BY OUR FOREIGN STAFF 


FRANCE and Belgium yester- 
day followed the Netherlands 
and West Germany in banning 
arms sales to Argentina follow- 
ing the invasion of the Falk- 
lands Islands.- - 


A Belgian Government state- 
ment said aH sales of arms and 
military equipment to Argen- 
tina were banned, and the 
Belgian Ambassador was being 
recalled from Buenos Aires for 
consultations. 

In Paris, M Pierre B4rdgovoy, 
chief presidential aide, said 
after the regular weekly Cabinet 
meeting that France had called 


a halt to deliveries of arms, 
spare parts and ammunition to 
Buenos Aires. 

The embargo, he said, would 
be applied in particular to 
current ' contracts for aircraft 
and anti-aircraft missiles. 
France was in Che process of 
delivering 14 Super-E tend and 
aircraft, made by the Dassault- 
Brfiguet company and specific- 
ally designed for use on aircraft 
carriers, which were ordered by 
the Argentine Navy in 1979." 

The decision also puts a stop 
to plans for an armoured 
vehicle deal, which became the 


subject of revived controversy 
In French newspapers earlier 
this week. French companies 
have been in negotiation with 
Argentina since 1979 for a 
licensing contract providing for 
local manufacture of a 
manoeuvre and support vehicle 
of 15 tonnes or more. 


a deal for light combat' vehicles 
of its AML-90 series, a four- 
wheel-drive model equipped 
with a 90 mm cannon, already in 
widespread use. 


Panhard. which is part of the 
Peugeot motor group, and a 
consortium of the state-owned 
Renault group's truck division 
and Creusot-Loire have been in 
competition for this contract 
In addition, Panhard is re- 
ported to have been negotiating 


West Germany moved quickly 
to block all exports of weapons 
and armanent to Argentina for 
the duration of the conflict 
After a- two-hour meeting of the 
Bonn cabinet yesterday morning 
Chancellor Helmut . Schmidt 
delayed his departure for an 
'Easter holiday - 

The chief contracts involved 
cover four frigates and kits for 
six Corvettes, now under con- 


struction at the Bktan und Voss 
yards in Hamburg, and two TR 
1700 submarines being built at 
the Thyssen Nordseewerke at 
Kiel In Argentina itself, pro- 
duction of four further sub- 
marines and the Tam light tank 
is proceeding with German 
assistance. Dornier in Munich 
is developing an aircraft trainer 
for the Argentine Air Force. 


The West German Govern- 
ment has announced no steps to 
halt production. and Blohm und 
Voss confirmed that it is pro- 
ceeding with its DM 2bn con- 
tracts. 


AN announcement Is expected 
today on the postponement of 
the reopening of the Spanish 
frontier with Gibraltar and 
the talks due to be held 
simultaneously on April 20 
near Lisbon between the 
British and Spanish foreign 
ministers, writes Robert . 
Graham from Madrid. A post- 
ponement has appeared in- 
creasingly inevitable as a 
result of the situation created 
bv the Argentine invasion of 
the Falkland Islands. Roth 
the British and Spanish gov- 
ernments, however, are 
anxious to stress that good- 
will between the two. parties 
still exists and that the post- 
ponement does not in any way 
undermine their commitment 
to reopen the frontier and 
Britain to negotiate on all 
aspects of the future of 
Gbira'tar, including sove- 
reignty. 


IN NOTES delivered to the 
British and Argentine ambas- 
sadors, Brazil reaffirmed its 
official position of neutrality on 
the Falkland Islands crisis, 
delivering what it terms an 
“ ardent appeal ” for a peaceful 
soluti&rro the"ajnflk!t 

Referring to the crisis as “ the 
problem that divides you ” 
Brazil avoided naming the 
islands Falkland or Malvinas, 
as they are called by the Argen- 
tines. 

The notes failed, however, to 
condemn the Argentine invasion 
or solicit obedience to tile UN 
Security CouncH resolution 
demanding immediate removal 
of Argentine troons from the 
Falklands. reflecting Brazil’s 
traditional support of Argen- 
tina's claim to the islands. 

Sr Hugo Camdnos, the 
Argentine Ambassador, has 
declared himself “pleased” with 
Brazil’s position of noh-condem- 
na-Hon. 

Brazil's onnrimity to Argen- 
tina makes it important 
srrateeioaUv to both countries 
although Sra S°r«iv^ Guerrero, 
the Foreign Minister, main- 


tains that the question of 
British ships refuelling hi 
Brazilian ports “has not been 
raised.” 


It bas been reported from 
Brasilia, ’that she discussed re- 
■fuelling .. .with.- Mr.. Genree 
Hardinf, the British ambassador, 
when the two met on Monday. 

Although the official Brazilian 
position is one of neutrality and 
confidence in a peaceful solution 
to the conflict. Sr DeHo Jardin 
de Natos, the Aeronautics 
Minister has said that Brazil will 
rmf «pen its ports to refuel 
British ships “ because this war 
is not ours.” 

Sr Jarbas Passarinho, Pro- 
Government party leader in the 
Senate, has criticised what he 
termed “ British coin mails m ”ln 
the FaUdands. But Opposition 
party leaders have voiced firm 
opposition to the invasion. 

Tn a note to its International 
Affairs Commission. Brazil’s 
larore^t opposition party, the 
TMDB. demanded the removal 
of Argentine troons from the 
islands and self determination 
for the inhabitants. 


OVERSEAS NEWS 


Rescheduling sought 
for Vietnam’s debt 


to non-communists 


BY MAIN CASS, ASIA EDITOR 


VIETNAM’S no-communist 
creditors face the prospect of 
rescheduling $1.4bn (£805m) in 
toe country’s outstanding hard- 
currency debt over the next few 
months. 


Vietnamese officials, strug- 
gling with a deepening economic 
crisis, have recently told the 
country's major creditors that 
they cannot . meet this yearis 
repayments of about $2 00m. This 
follows toe suspension of some 
repayments last year and a delay 
in rennviire interest on an Inter- 
national Monetary Fund loan 
earlier this year. 

The European countries in- 
volved — France, Britain, Ihfly 
e«d Denmark — are resisting 
Vietnamese reauests to tackifi 
the crisfe bilaterally. " Instead 
toev are tellins Hanoi _ that a 
general rescheduling will have 
to be conducted under toe 
ansDires of toe Paris Club, the 
13-nation creditors group. 

French officials are likely to 
reinforce this message when Mr 
Nonyen Go Thach, Vietnam’s 
Foreign Minister, Kevins two 
days of talks in Paris today 
*oeorarwnie rf by senior officials 
from top Vietnamese Foreign 
Trad# Bank. 

The visit hv Mr Th»ch is the 
first ?r high-level to Europe hy 
a ‘Politburo member since the 
invasion- of Kampuchea by 
snn.noo Vietnamese troops in 
1979. when the U.S. and China 
imposed an economic embargo 
on Hanoi. 

France is Vietnam's biggest 


European creditor with nearly 
S300m in official and private 
debt Britain’s exposure, mostly 
in the form of govemment- 
backed buyer credits, -is in toe 
region of 817m. 

Vietnamese officials have 
recently been in Tokyo trying 
to reschedule about 8200m in 
Japanese bank loans and trade 
credits. The bulk of this debt 
is in the farm of bank loans 
which the Vietnamese are try- 
ing to reschedule over five 
years. However, it is likely that 
Japan would also wish to be 
pari: of a general rescheduling 
agreement if this took place. 

Vietnam also owes more than 
$600m to Third World coun- 
tries, principally India, Iraq and 
Algeria. Hanoi is expected tc 
by and have these debts re- 
scheduled on a bilateral basis. 

Vietnam’s total debt burden 
has soarefl from $L805hn at 
the end of 1978— two years 
after the reunification of North 
and South— to $2,995bn by Sep- 
tember 1980, according to IMF. 
figures. Today’s figure is be- 
lieved to be well over $3bn- 

Of this,- more than $1.61bn 
is owed to East European coun- 
tries— chiefly "the Soviet Union 
— and around 1.4bn to countries 
with convertible currencies. 
This includes Just over 8317m 
in non-official debt 

Vietnam's external debt 
servicing ratio as a -proportion 
of its total exports is 56 per 
oenL As. a percentage of its 
exports to convertible currency 
areas, this rises to a staggering 
240 per cent 


New role for Singapore’s monetary authority 


BY KATHRYN DAVSS IN SINGAPORE 


ONE YEAR after Singapore’s 
monetary authority (MAS) ex- 
perienced a wholesale purge 
of its top management and saw 
its powers drastically curtailed, 
a new team seems to be slowly 
finding its feet under the vigi- 
lant eye of Dr Goh Keng Swee, 
Senior Deputy Prime Minister, 
MAS Chairman and formidable 
critic of toe Authority’s invest- 
ment policies under its former 
managing director, Mr Michael 
Wong Pakshong. 

The Authority was set up in 
1971 to perform many of toe 
functions of a central bank, 
acting as banker and financial 
agent to the Government and 
as toe regulatory authority 
for foreign and local banks. 

In the past 12 months, how- 
ever. the role of the MAS has 
undergone significant changes. 
Under Mr Wong Pakshong the 


Authority took active steps to 
promote the notion of Singa- 
pore as a financial supermarket, 
offering all kinds of services 
Hkely to increase its attractive- 
ness, as a financial centre. 

' Now senior officials at MAS 
are making it dear that they 
wHl not play "a leading pat in- 
creating new areas of financial 
activity along previous lines. 
The Committee currently con- 
SKlering toe creation of a 
financial futures market is 
composed of representatives, 
from foreign and local banks, 
moneybrokers, stockbrokers, a 
bullion brolting house and a 
merchant bank; the Authority 
does attend its m e e tings — but 
purely as an observer. 

To an extent this shift in 
emphasis has been forced on 
toe MAS as much by a lack of 
experienced staff as by a deliber- 


ate decision not to try “to do 
the business of banks better 
than they can themselves ” as 
a senior government official put 
it . 

Dr Goh announced that man- 
agement of long-term invest- . 
merits was to be taken away 
from the MAS and handed over 
to a newly formed company, 
the Government of Singapore 
Investment Corporation (GSIC) 
chaired by Lee Kuan Yew, toe 
Prime Minister. 

The GSIC has been, slow to 
assemble suitably qualified staff 
and it ‘ is not dear to what 
extent funds have already been, 
handed over to it 

In the meantime toe MAS has 
been concentr ating on dealing, 
on occasions aggressively, in the 
gold and foreign exchange 
markets. Dr Goh- -has entrusted 
this task to a team of bright 


young Singaporeans, headed by 
lam Ho Kee, a graduate of the 
London School of Economics 
who is seconded to the MAS as 
deputy managing director from 
a local bank. 

Dr Goh presides over weekly 
meetings at the MAS but has 
othezwise apparently confined 
his advice to a simple admoni- 
tion: “don’t lose money." 
Bankers believe that the MAS 
may have earned in the region 
of 15 per cent on currency deal- 
ing In 1981, 

Another noticeable change, 
again partly linked to MAS 
staffing problems, has been in 
the Authority’s erstwhile super- 
visory role. A few months after 
the purge, the Authority 
changed its reporting and con- 
trol procedures for foreign 
banks, making it toe responsi- 
bility of the central banks in toe 


home country to monitor the 
performance of branches or, as 
In toe case of merchant banks, 
subsidiaries, in Singapore. 

This releived the Authority of 
its administrative functions — 
although it still closely super- 
vises local banking operations 
and maintains toe right fo in- 
spect toe books of foreign banks 
at random. 

The new officials also seem 
more reluctant than their pre- 
decessors to allow foreign bank- 
ing institutions to upgrade their 
status in order to participate in 
the profitable domestic retail 
market 

Fifty-five per cent of domestic 
banking assets are already held 
by foreign banks— Chartered 
and the Honekoner and Shang- 
hai— but a government official 
says “they (foreign banks'! 
came here to do international 


business." If toe MAS permits 
them to change their status “ it 
wall (only) be because we want 
to encourage greater competi- 
tion into the domestic market 
place." 

Dr Hu, toe new managing 
director designate of both MAS 
and GSIC, does not take up bis 
appointment until next year. 
GSIC’ s current managing direc- 
tor is Yoag Pung How, seconded 
for one year from the Oversea- 
Chinese Banking Corporation. 

Until longer term appointees 
are in place, however, it will 
be difficult for the financial 
Co mm unity to feel as comfort- 
able with the new MAS as it 
did with the oM— but after an 
uncertain and difficult year, the 
young Singaporeans currently in 
charge of the Authority seem 
Increasingly confident In their 
demanding assignment. 


Israelis warned against attack 


BY IHS&N H1JAZ1 tN BEIRUT 


THE PALESTINE Liberation 
Organisation has warned Israel 
against waging an attack against 
guerrilla positions in southern 
Lebanon, and -declared that 
guerrilla farces are ready to 
repulse any aggression. 

The warning was given by 
Brigadier Saad Sayri, top mili- 
tary aide to FLO leader Mr 
Yasser Arafat, in reply to a 
threat issued earlier by Mr 
Yitzhak Shamir, Irsaeli Foreign 
Minister. 

Israel has heM the FLO 
responsible for tfc assassination 
In Paris on Saturday' of Mr 
Yatav Barsimantov, the second 
secret ar y at the Israeli 
Embassy. 

The FLO has issued several 


denials of toe claim, but Mr 
Shamir threatened at 'toe diplo-- 
mat’s funeral on Monday that 
Israel would use its force “to 
crush these terrorist organisa- 
tions, their leaders, and their 
centres” He said orders for 
murder came from “the centre 
of terror in Lebanon.” 


any such Israeli move. 

The Administration's views 
were conveyed In a message 
delivered on Tuesday to Israeli 
Premier Men&hem Begin by Mr 
Samuel Lewis, the UJS. Ambas- 
sador. 


The Lebanese Government, 
deeply worried that Israel might • 
carry out an offensive into 
southern Lebanon, has held 
urgent diplomatic contacts with 
the ambassadors in Beirut of 
the permanent -members of the 
UN Security Council. 

Lebanon was reported to have 
received assurances from 
Washington that toe Reagan 
Administration would oppose 


Brig Sayei, who heads toe 
PLO’s military “operations 
room," charged that ‘Israel’s own 
intelligence units killed -Mr 
Barsimairtov to provide an 
excuse for an all-out attack 
against southern Lebanon. . 

He said in a statement through 
the Palestinian news agency,- 
Wafa, that toe Palestinians were 
determined to continue the 
struggle until their independent 
state had been established, and 
would not be intimidated 


Gandhi ‘mini election 9 challenge 


BY St K. SHARMA IN NSW DELHI 


INDIAN PREMIER Indira 
Gandhi faces her strongest 
challenge since her return to. 
power when four state legis-, 
lature elections and seven par- 
liamentary by-elections are held 
on May 19. 

The four states are West 
Bengal, Kerala, Haryana and 
Himachal Pradesh, 

The date for the “mini elec- 
tion " was announced yesterday 
by Mr S. L, Shakdher, the chief 
election commissioner, who 
said that elections to two other 
states— Karnataka ana Andhra 
— could be held the gam* day If 
their legislatures were dissolved 
■within a week. 

The way for elections to the 
four state . legislatures was 


cleared last week when an at- 
tempt by Sirs Gandhi's Con- 
gress (I) Party to. stall them 
by challenging the validity of 
the electoral rolls in West 
Bengal was rejected by the 
Supreme Court 

The Congress (I) is dis- 
united and disorganised in all 
the states and particularly in 
West Bengal, where a Marxist 
Government is in power, and in 
Kerala,' where President’s: Rule 
(direct government from New 
Delhi) was imposed last month 
following the collapse of the 
coalition. 


tions simultaneously in Andhra 
and Karnataka. Her party is in 
power: in these states, but is 
under threat because of a revolt 
in the rank and file against 
chief ministers chosen by Mrs 
Gandhi 


Mrs Gandhi has held long 
discussions on hotding elections 
In the two states, but has not 
made a derision. 


Since toe elections in the 
four states became inevitable, 
there has been great pressure 
on Mrs Gandhi to hold elec- 


The term of their legislatures 
expires after another year, un- 
like the other four states whose 
terms expire in June. 

The elections come at a time 
when the opposition parties re- 
main hopelessly divided. The 
exception is the Marxists in 
West Bengal, who seem certain 
to win. 


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; . 'I^ancial Times Thursday April 8 1982 


WORLD TRADE NEWS 





exports pledge 
from Japan 


W BRIJ KHINOAR1A IN GENEYA 


THE European Economic Com- 
munity has warned Japan that 
it must give “tangible assur- 
ances" of . “ effective modera- 
tion ” in its- exports to- the EEC 
or face a Community drive in 
Gatt, the world trade watchdog 
body, forcibly to obtain changes 
in Japanese policies. 

The Community yesterday 
delivered a 14-page document to 
the Japanese mission to the 
General Agreement on Tariffs 
and Trade (Gatt) in Geneva 
detailing its complaints against 
Japan and the reasons why the 
EEC has invoked Gatt’s dispute 
settlement procedures to seek 
redress. 

The Japanese had no im- 
mediate comment on the Com- 
munity's - position. They will 
rio longer be able to put off the 
start to bilateral talks as a first 
step tx> finding satisfactory solu- 
tions to the Community's com- 
plaints under Gatfs Article 23. - 

As a member of Gatt» Japan 
is obliged to agree to such talks 
but tried to block an eariy start 
when the Community made the 
official request on March 25. 
Japan then said the EEC failed 
to describe dearly enough bow 
Gatt's provisions are relevant to 
its complaints. 

The Community alleges that 
Japanese reluctance to import 
goods other than raw materials 
has prevented achievement of'. 
Gart's -main aim- — that of assur- 
ing “ reciprocal . and mutually . 
advantageous arrangements” 
for all its members, including 
the EEC ' . • 

Troubles caused to other 
countries’ industries by Japan's 


exports and the low level of its 
manufactured goods imports 
can be solved only fey “ a more 
balanced ' integration of the 
Japanese economy with that of 
its main industrialised partners, 
particularly the EEC," the Com- 
munity told Japan. 

The Community has specific- 
ally asked the Japanese Govern- 
ment to take “determined and 
swift action" to promote im- 
ports through an overall policy 
programme rather than isolated 
measures. 

Steps the Government should 
take include encouragement of 
imports by public corporations, 
changes in the domestic distri- 
bution system to make more 
room for easier entrance into 
Japan for foreign, companies 
seeking joint ventures or out- 
right purchase of Japanese 
companies, it says. 

-Particular measures should 
be taken to reduce tariff levels 
and fiscal charges and to re- 
move import quotas in such 
areas as processed foods and 
alcoholic drinks. 

Quality standards and testing 
methods should also be brought 
more in line with international 
norms, especially for pharma. 
ceuticaJ and agrochemical pro- 
ducts. 

The Co mmuni ty also recom- 
mends Japan make access to its 
financial markets much easier. 
I t w ould, thus, take a more 
active part in international 
monetary policy “commensurate 
with its world responsibilities." 

The yen’s role as a reserve 
and -trading currency would 
also increase. 


First borrowing on Tokyo 
imporf fund soon 


TOKYO — The first borrowing 
from a Japanese Government 
$500m emergency import financ- 
ing programme wifl.be arranged 
soon to finance imports of West 
German, oars, finance ministry 
officials said. 

They said the $3.7m loan will 
be used to import 354 cars from 
Bayeriscbe Motoren Werke AG 
(BMW) of West Germany. 
BMW's wfeoBy-awned sales sub- 
sidiary. BMW Japan, will bor- 
row the funds and import the 
vehicles. - ■ •• » 

They said they aspect tSOOm 


to be borrowed under the 
scheme in. 1982, with tens of 
millions of dollars extended by 
' the end of this month. 

The Government inaugurated 
the scheme to . lend Short-term 
funds through banks in Japan 
last January, using the finances 
of the semiofficial Export-Im- 
port Bank to try to trim the 
Japanese trade surplus by in- 
creasing imports. 

Ministry Officials expect 
5300m to be borrowed under 
the scheme in 1982. 

Reuter . ' 


Heinz ‘near 


to settling 
Zimbabwe 


deal’ 


By Our Salisbury Correspondent 


NEGOTIATIONS over a $20m 
(film) investment in 
Zimbabwe by the Heirs food 
processing group of the U-S- 
are reported to he near com- 
pletion. 


The proposed investment— 
the largest single private 
sector foreign investment in 

Zimbabwe since independence 

two years ago— involves a 
joint-venture takeover of- the 
previously Family-controlled 
Olivine Industries (formerly 
Rhodesian Industries) which 
produces vegetable oils, 
margarine and related pro- 
ducts: 


Total cost of the takeover is 
estimated by diplomats at 
around 550m, but less than 
half, of this would represent 
an Immediate new injection 
of funds. It is proposed that 
Heinz, whose eh airman. Mr 
H. J. Heinz, and chief execu- 
tive Mr Tony O’Reilly visited 
Zimbabwe eariy this, week, 
would have a 51 per cert 
stake in the operation, with 
the Zimbabwe government 
taking the remaining 49 per 

cent 


The investment is seen as 
bring of great importance for 
several reasons. It will put Mr 
Robert Mugabe’s government 
Into Joint venture partnership 
with a leading U.S. trans- 
national company. It will be 
the largest private foreign 
Investment since' independ- 
ence — total foreign invest- 
ment in Zimbabwe in the past 
two years is estimated at only 
about $40m. 


The proposed investment is 
also of major significance 
because It would seem to' fly 
in the face of the govern- 
ment’s investment guidelines 
published 15 months ago 
where the Zimbabwe govern- 
ment said that it would not 
allow majority ownership of 
a domestically-owned business 
to pass into foreign hands. It. 
appears that the government - 
has relaxed its stance. 


• A FFr 100m (£10m) export 
credit facOHy has been signed 
in Salisbury by Z im b ab we’s 
leading bank, the Standard, 
and two French banks, 
Banque Internationale pour 
1’AMque Occidental (BIAO) 
and Banque de llndochine et 
de Suez (Xndosnez). The 
credit will be available to 
help finance purc ha ses of 
capital goods and associated 
services froip France. . 


James Buxton describes an Italian construction company’s export success 


Co-operative shows the way to profits 


THE LITTLE town of Sheikh in 
the mountains of northern 
Somalia is chiefly famous for 
being the site of the only battle 
in the Second World War 
where the Italians beat the 
British. 


Lately, it has had the more 
mundane distinction of being 
the (site of an Italian construc- 
tion camp— a kind of little 
Italy— for the project to build a 
tarmac road across the moun- 
tains from Berbers on the Gulf 
of Aden to Burao, near the 
Ethiopian border. 

Apart from being one of the 
few tarmac roads in the whole 
country, the interesting thifag 
about it is that it was built not 
hy a traditionally organised 
company but by a co-operative, 
which has close links with the 
Italian Communist Party. 

The contractor o n the $40m 
(£22m) project, completed last 
year, was Cooperative Mura tori 
and Dementis ti. usually known 
as CMC. Based at Ravenna in 
the so-called “Red Region” of 
Emilia-Romagna in north-east 
Italy, it is now the fifth biggest 
construction -company in the 
country, with a turnover last 
year of L23lbn (£100m) and 
profits of L5bn. 

CMC is the leading construc- 
tion company in the League of 
Co-operatives, an organisation 
which groups about 11,000 co- 
operative concerns all over 
Italy, and which is controlled by 
an uneasy coalition of com- 
munists and socialists, to whose 


funds they contribute. Other co- 
operatives are oriented towards 
the Christian Democrats and 
other parties. 

The two main differences be- 
tween an Italian co-operative 
and other private sector com- 
panies is that its capital is 
owned in equal shares by its 
members, and that it practices a 
system of self-management 

This not only means that the 
management is elected by the 
workers, but that at site and 
shop floor level the workers 
normally decide among them- 
selves how to carry out the 
work. Managers and directors 
earn little more than the other 
workers. 

Profitable construction work, 
especially oversea?, is no place 
for the ideologue or the 
amateur,- and the prevalent im- 
pression that one gets from 
CMC is commercial hard-beaded- 
pess. 

Though set up as long ago 
as 1901, CMC still had a rela- 
tively modest turnover of L12bn 
in 197L . Its enormous expan- 
sion since then was based partly 
on important domestic con- 
tracts and on expanding opera- 
tions abroad, from which the 
co-operative drew about a 
seventh of its turnover last 
year. 

Most of the countries in which 
CMC operates or has operated 
have Socialist governments — 
states like Tanzania. Somalia, 
Mozambique, Algeria and Yugo- 


slavia — but this may be more a 
reflection of other factors than 
of an ideological affinity. 

Construction companies try to 
go where they have the best 
chances of getting paid fast. In 
developing countries this 
means either going to the better 
organised of the oil-rich stales 
(such as Algeria) or to poorer 
countries where development 
projects are externally financed 
by aid funds. 


The Somalia roal project was 
financed by the Abu Dhabi 
Development Fund. CMC re- 
cently completed a $47m project 
for a hydro-electric dam in the 
hinterland of Tanzania financed 
by. among others, the World 
Bank and Sweden. 

Last autumn CMC signed a 
L90bn contract to build a dam 
on the River Limpopo outside 
Maputo. the capital of 
Mozambique. On that project, 
for which the contract is worth 
L90bn, CMC is leading a con- 
sortium, including the g*ate- 
owned concern Italstrade. 

The financing will come 
entirely from Italian funds 
under an aid agreement with 
Mozambique. Organisations of 
the Italian left such as the 
Communist Party, immediately 
after independence in 1975, 
paved the way to the big Italian 
presence in the former Portu- 
guese possession. 

CMC has also won contracts 
in Algeria and is looking hard 
at Malaysia and Latin America. 
It has prequafifted for what is 
likely to be the both politically 



“Other companies like work- 
ing alongside us because our 
men are generally better quali- 
fied and more experienced right 
down the line," says Sig Adriano 
Antolini, the general manager. 

But in most other ways CMC 
has to Function like an ordinary 
company, and to recruit good 
staff has to rely on commitment 
and job satisfaction rather than 
high pay. • - 

Another feature of CMC, like 
other co-operatives, is that it 
must borrow heavily to obtain 
working capital because its 
equity base is low— L2.4bn 
t£lm) divided amon'r 1.700 
members, who make up about 
half the staff. 


and technically difficult task of 
laying sewers in the rabbit 
warren-like towns of Dhamar 
and Ibb in North Yemen — a con- 
tract that could be worth SI 40m, 
externally financed. 

The co-operative envisages 
drawing a quarter of its turn- 
over in 1985 from foreign oper- 
ations. by which time it expects 
sales of about L300bn at 1981 
values, a 30 per cent expansion. 

When it comes to competing 
with other companies, it has Ihe 
advantage of lower payroll 
costs. CMC also claims that it 
has the advantage of greater 
worker enthusiasm and heifer 
organisation of work on the 
construction site. 


By conlrast its bank borrow- 
ings and long- and medium-term 
loans totalled L61bn in 19S0. 
and last year raised $25m from 
a pool of banks in London. 

- From the point of view of the 
Communist Party, which has 
seven of 13 seats on CMC's board 
of directors (of The rest, four 
are held by Republicans, the 
party of Sig Giovanni Spadolini. 
the Prime Minister, and two hy 
Socialists), successful co-opera- 
tives are the mode! for the 
economic organisation of the 
future. 


They represent a " lerza via." 
or third way. between Soviet 
Cnmmun»?m and Western social 
democracy. 

As the Communist Party _ 
draws further away from : 
Moscow, the third way is coming 
under closer scrutiny. 


Costa Rica airline buys Boeings 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE COSTA .RICAN airline, 
Lacsa, has ordered two Boeing 
757 twin-engined jet airliners, 
worth 590m, powered by the 
new Rolls-Royce Dash 535 ver- 
sion of the RB-211 engine. 

This' brings to seven the 
number of airlines buying the 
757, of which sax have chosen 
the Rolls-Royce engine. Total 
Boeing 757 orders- to date 
amount to . 123 aircr af t firm, 
with another 56 bn option. 

The Lacsa aircraft due for 
delivery In 1985, will replace 
the existing two Boeing 727s 
and three British Aerospace 
One-Elevens in its fleet The 
value of the engine -order to 
Rolls-Royce is about £10m. 

• A consultancy contract for 
the Ghubrah -70MW power 
station extensidn has been 
swarded to : JEwfcank Inter- 


national CtJnsu]t^nt&,' the Duhaf- 


based firm of consulting engi- 
neers, for the Ministry of Elec- 
tricity, and Water in Oman. 
Ewbank International, part of 
Ewbank of the UK, is to under- 
take a design review and super- 
vise construction of “the exten- 
sion with the assistance of civil 
sub-consultants, Scott Wilson 
Kirkpatrick. 

• UK companies will be able 
to receive* cash payment for 
export ^contracts with buyers 
in Indik under a £5m line of 
credit guaranteed fey ‘ the 
Export. Credits * Guarantee 
Department The- loan has been 
provided by Standard. Chartered 
Merchant Bank to the Industrial 
Credit and Investment Corpora- 
tion erf ‘India, for the purchase 
of plant, equipment and associ- 
ated services by Indian buyers: 
Exporters wiH receive 85 per 
cent rq£.‘tiie valve of eligible 
eontnKtk'from the loan. 


• The British Government has 
introduced changes in the 
arrangements for calculating 
the bank’s margins of return on 
fixed rate sterling export 
finance provided under ECGD 
guarantees. This finance is 
used* for capital goods exports 
sold on credit terms of two 
years or more. 

Mr Peter Rees, the Trade 
Minister, said in the Commons 
yesterday that the Government 
has decided that the banks’ 
margin on new fixed rate lend- 
ing will be reduced from If per 
cent over three-month sterling 
Libor to a maximum of } per 
cent for credits involving repay- 
ment periods of less than 12 
years. For credits of 12 years 
or more, the maximum margin 
will be. i per cent for the fiTst 
12 years and 1 per cent there- 
after. 


Business delegation to 
‘sell New York’ to Britain 


BY OUR NEW YORK STAFF 


A DELEGATION of New York 
civic leaders and businessmen 
plans a week-long trade mission 
to the" UK and West Germany 
in May to drum up business 
interest in the city Under the 
banner of “Make It in New 
York City.” it will be led by 
Mr David Rockefeller, the 
former chairman of Chase 
Manhattan Bank. 

Mr Ed Koch. Mayor of New 
York, said: “This delegation will 
be taking the message to manu- 
facturers' in England and West 
Germany that their best oppor- 
tunities for expansion in the 
U.S. are right here.” 

The mission will visit London, 
Chester, Dussefdorf and Frank- 
furt. 

’ T)nr Defence Correspondent 
adds: A conference to alert 


defence contractors and other 
British companies to a multi- 
billion dollar market in the 
U.S. is being organised by the 
London Chamber of Commerce 
and Industry on April 21. 

LCCI believes British busi- 
ness could compete much more 
effectively in supplying a range 
of nearly 10,000 items — from 
military components to every- 
day household goods — for the 
US. Armed Services in a total 
market estimated at $155bn. 

The conference is being 
organised by the Chamber in 
conjunction with the Ministry 
of Defence. Department of 
Trade, the British Embassy in 
Washington and Barclays Bank 
International Fee: around £40 
for the ha3f day conference, in- 
cluding lunch. 



Here is an independent survey 
of Managed Pension Fund perform- 
ance in 1981 published by Cubie, 
W)od & Co. Ltd.* 

Asyou can see from the figures, 
in mixed funds with property one 
Managed Fund clearly outper- 
forms the others. 

Scottish Provident 
No less than three other inde- 
pendent surveys (fromWillis Fabei; 
The Wyatt Company and MPA) 
reachthe same conclusion. 

In equity funds, too, Scottish 
Provident is first out of 18 funds 
analysed by Cubie, Wood, show- 
growth of 32.0% over the 
year (Our nearest competitor 
managed arespectable 
\23.8%.) 

This is a unique record. 
It means that those com- 
panies who have entrusted 
their pension funds to us, whether 
onamixed or onaspeciafist equity 
basis, have seen the value of their 
funds far outstrip the average fund 
during 1981. 

Now. Who's looking after your 
pension fund? 


If you would like to knowmore, 
please askyourpensions adviser or 
write toThe ScottishProvident 
Institution, 6 St Andrew Square, 
Edinburgh EH2 2YA 



SCOTTISH 



^Reprinted from the IPMS Annual Survey published by Cubie, Wood 
& Ca . Ltd, NorfofivHouse,Well esley Road, Croydon, S urrey CR9 3 EB. 








Financial Times Thursday April S 1982 


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sui^irisedhowmuciLthatmeadow'sworth^ 



Surveyors Valuers andJEstate Agents 

23Beri£eIey Square Mayfair London W1X 6AL.Telepltane 01-6299050. 


NOTICE OF BEDEMPTION 

To the Holders of . 

ENTE NAZIONALE IDROCARBUBI 

E.N.1 

(National Hydrocarbons Authority) 

6%% Sinking Fund Debentures due November 1, 1988 

NOTICE IS H E R EBY GIVEN that, 

Hues of the ahove-desodhed 



has selected by lot for redemption 
cipal amount of said Debentures, as follows: 

OataUauEnellehenDaeB of UJS. $1,600 Each of Prefix **M” BeaxingSerial Nzunbers 
Ending in the Following Two Digits : 

19 - 25 27 45 £6 

Also Debentures of HS. $1,000 Each of Prefix “M? 

Uiiiii Ii i j_[ llio Tyjlnfwlnf fi« i i ll ffmnlii in ~ 

69 869 T769 2969 3469 4469 6269 6969 9369 10969 11469 12S69 13469 14669 18169 19369 

469 1069 1869 3069 3S69 4769 6369 7169 9669 11069 11869 12769 13869 17269 18769 19469 

269 1169 3869 3169 4269 5S69 8889 7869 9969 11169 13469 12869 14169 17369 18969 

On Hay 2, 1982 there will become and he due and payable upon each Debenture the principal 

amount thereof, in such coin or currency of the United States of America as on said date is legal tender 
for the payment therein of public and private debts, at the option of the holder, either (a) at the 
cor por ate trust office of Morgan. Guaranty Trust Company of New York, 30 West Broadway, 
New York, N.Y. 10015, or (b) Subject to any laws and regulations applicable thereto with respect 
to the payment, currency of payment or otherwise in. the country of any of the following offices, at the 
principal office of Banco. Narionale del Lovoro in Home or the principal office of Banca Commercial© 
Italians in Miba or the FV» n offices of Morgan Guaranty Trust Company of New York in London , 
Brussels, Bara or Frankfurt or the main office of Algemene Bonk Nederland N.Y. in Amsterdam or 
die mom office of Eredietbank S_A. Lnxembourgeoise in Luxemhcrarg-ViDe.. ' . . 

Debentures surrendered for redemption should have attached all unmatured coupons appurtenant 
thereto. Coupons doe May 1, 1982 should be detached and collected in the usual manner. . 

Fjmn and after May 1, 1982 interest shall cease to accrue on the Debentures herein d e si g nate d 
for redemption. 

ENTE NAZTONALE BDROCABBURI 

By: MORGAN GUARANTY TRUST COMPANY 

OF IfEW YORK, Fiscal Agent 


March 30, 1982 


NOTICE 

The foBorwing Debentures previously called for redemption have not as yet been, presented for 
payment; 

DEBENTURES OF U.S. $1,000 EACH 

1C 7648 7718 7733 


YOU CAM MAKE IT... 



**Tn the next decade, $ 54 billion will be invested in developing British 
Columbia's extensive natural resources. At ,the crossroads of the province Is 
Kamloops^a city of 180 square miles which boasts Forestry, Mining. Tourism 
and Agriculture as Its major Industries. And soon petrochemicals will take Its 
place in providing an even stronger market for a vast array of businesses. 
Kamloops offers fully-serviced industrial sites, international rail and air 
connections and a climate and outdoors way of life which has attracted a 
young and skilled labour force. If your company is interested in expanding its 
operations, in making products for the industrial and consumer markets* 
or relocating your entire business in Western Canada, i would like to talk 
toyou.JJ 


Let me teB you more at: 



Economic Dcutfeoment Manager 

SH.ESfcJ>SparSo 


Munich Hilton Hotel 
April 12-14 
Telephone 34-00-51 

Hannover Fair 
International Building 
Canada Pavilion - 
British Columbia Office 
April 21 -27 

British Columbia House 
1 Regent St 
London, England 
Telephone Q1-S3Q-6357 
May 4*5 


Op writ® to: 


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CfcyotKenfaop* 
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NAME 


COMPANY 


STREET 


cmr 


TtaWrn* ISM] 3743311 
Tefcsc 043-755 


COUNTRY 


UK NEWS 


PAPERS DELIVERED AT YESTERDAY’S NEDC MEETING 


Treasury puts TUC options to the test 


BY MAX WILKINSON, ECONOMICS CORRESPONDENT 


AN INCREASE of £2bn a year 
in 'public investment would 
faring tittle real benefit to the 
UK economy after five years, 
according to a simulation exer- 
cise carried out by the Treasury. 

The simulation was carried 
oat on the Treasury’s economic 
model in response to a request 
from the TUC. It suggests an 
increase in public investment 
would raise national output and 
reduce unemployment for the 
first three years, but inflation 
would increase, and interest 
rates would rise to finance the 
extra borrowing. The exchange 
rate would also be higher than 
it would otherwise have been. 
These three effects would com- 
bine to choke off growth in the 
fourth and fifth years, and 
unemployment would grow 
beyond what it would otherwise 
have been. 

A total extra public spending 
of £lObn over five years would 
eventually reduce unemploy- 
ment by only 30,000 and raise 
the annual inflation rate by 
between 0.2 and about 1 per- 
centage point the simulation 
suggests. 

The Treasury emphasises the 
limitations of its predictions 
which are based on a large 
number of complicated assump- 
tions embodied in the Treasury 
model. The predictions attempt 
to describe the behaviour of the 
economy given specific policy 
changes. 

The simulations were carried 
out after a suggestion from the 
TUC at the January meeting of 
the National Economic Develop- 
ment Council that the Treasury 
should estimate the effects of 
two possible policy changes. 

One of these was the £2bn-a- 


year increase in public capital 
spending and the other was a 
2 i percentage point cot in the 
rate of value added tax to 12} 
per cent The Treasury also 
tested the effects of three other 
changes: a cut in short-term 
interest rates; a redaction in 
nominal earnings; and an im- 
provement in industrial per- 
formance. 

The results show that the 
effect of a cut in VAT would 
be broadly similar to that of 
an increase in public invest- 
ment A boost to output and 
employment in the first four 
years would be gradually 
choked off by higher interest 
rates and a higher exchange 
rate. Inflation, after being 
reduced in the first two years, 
would then become higher than 
it would otherwise have been. 

The art in VAT would be 
expected to increase real dis- 
posable incomes and therefore 
demand, but part of this would 
be satisfied by an increase of 
imports. Interest rates would 
rise as a result of the increased 
public borrowing needed to 
finance the tax cut 


treasury simulation 

RESULTS: SUMMARY 
(change from basic prediction) 
Real Unemploy* 

GDP Inflation meat 
% % 000’S 

Higher public investment 

(£2bn a year at year 1 prices) 
Year 

1 

2 

3 

4 

5 


0.8 

<L2 

-40 

0J9 

0 A 

-90 

0.4 

0.9 

-30 

-0.3 

Ll 

60 

-0.7 

02 

130 


A redaction m VAT (21 points) 

Year 

1 

0.3 

-L0 

-20 

2 

0.5 

-oa 

-so 

3 

0.5 

0.3 

-70 

4 

0.2 

0.7 

-40 

5 

-0.3 

0.6 

20 


Lower earnings (2%) 

Year 

1 

0.2 

—0.6 

-40 

2 

0.6 

-0.6 

-70 

3 

04 

-0.1 

-no 

4 

0.8 

0.1 

-120 

5 

0.7 

0 

-110 


Output 


The Treasury says: " The 
simulation suggests that after 
five years, output and unemploy- 
ment might be much the same 
as in the base prediction or 
rather worse. Inflation could 
still be more than i per cent 
higher.” 

The Treasury’s simulation, 
compared with the policy 
options suggested by the TUC, 
shows that lower wage settle- 
ments and lower short-term 
interest rates could be expected 
to have sustained beneficial 


effects on output, unemploy- 
ment, and inflation. 

A fifth simulation, of the 
effects of improved industrial 
productivity, and nonprice com- 
petitiveness, showed, hardly sur- 
prisingly, a sustained improve- 
ment in output Unemployment 
would be expected to increase a 
little in the first year, but to fall 
thereafter in response to in- 
creases in real demand as d the 
improved international competi- 
tiveness of industry. 

One interesting facet of the 
Treasury’s report to the NEDC 
is that it highlights the effect 
that lower inflation would have 
in raising the real value of 
public expenditure under lire 


new cash planning system, and 
vice versa. 

TTiis arises because about t wo- 
thirds of government expendi- 
ture is planned in cash terms on 
the basis of the Treasury’s 
assumptions about the inflation 
rate for the year ahead. Airy 
reduction of inflation below this 
assumed rate would automatic- 
ally raise the “ real ” value of 
theses cash totale, and therefore 
of aggregate demand in the 
economy. Conversey, higher in- 
flation would lower aggregate 
demand. 

This is one of the reasons why 
cuts in interest rates, and lower 
earnings show up in the simula- 
tion as producing better 
medkEro-term improvements to 
output than the conventional 
post-war policies of applying a 
direct fiscal stimulus. 

The effects of a once^or-all 
2 per cent cut in earnings per 
hour compared with the 
assumed trend would have the 
Immediate effect of redistribut- 
ing income from workers to com- 
panies with a reduction of real 
take-home pay of i per cent in 
the first year. 

Investment 

However, public sector costs 
would also be reduced with a 
consequent reduction in public 
borrowing and s&ghtty lower 
interest rates. Increased output 
would result partly from im- 
proved exports and partly from 
Increased company investment. 
Uheanpioygneot would be 
reduced as a result by about 
450.000 after five years. 

The red take borne pay of 
those in work at the start of 
the period would be reduced, 
but the total of real national 


disposable income would in- 
crease as a result of the new 
jobs created. 

The Chancellor, in an accom- 
panying memorandum to the 
NEDC, emphasises that the 
Treasury calculations ’ assume 
that the markets would retain 
confidence in the Government's 
general strategy- This assump- 
tion would be more likely to be. 
valid if any changes of policy 
were relatively small. 

The Treasury model is there- 
fore more suited to predicting 
the effect of small deviations 
from a particular financial 
strategy than to coping with a 
major change of the strategy 
itself. 

The memorandum says: " Pos- 
sibly the main conclusion that 
might be drawn from these 
figures Is that, in so far as any 
reliance can be placed on such' 
simulations, they suggest that a 
fiscal relaxation would not pro- 
duce a lasting stimulus to jobs 
and activity, because of renewed’ 
pressures on pay, inflation mid 
interest rates. 

- if unemployment is to be 
reduced for more than a short: 
time it is essential that improve- 
ment takes place through a 
faster adjustment of costs and 
prices to the financial frame- 
work or through higher produc- 
tivity and better industrial 
performance. 

“ In other words, better 
economic performance overall 
appears mainly to depend on 
success in achieving a time Im- 
provement in performance on 
the part of ail those whose 
activities continue to make up 
what we have come to describe 
as * the economy 


Productivity ’must stay ahead of wages’ 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


A WARNING that industry's 
productivity gains made in the 
recession might not be con- 
tinued and expanded when the 
economy picks up was issued 
yesterday by the National 
Economic Development Office. 

In a paper put to the monthly 
meeting of the National Econo- 
mic Development Council the 
office acknowledges that the 
substantial gains made in the 
past 18 months are unlikely to 
be lost. 

ft warns, however: * While 
there : is *-*- nme qualitative 
evident . of new mid. ■ more 
fundamental changes . which 


could alter the UK's long-term 
productivity growth trend, this 
has not yet been reflected to 
any appreciable extent in aggre- 
gate statistics on productivity- ” 
Each of the past three UK 
recessions bad been associated, 
like the present one, with ex- 
ceptional productivity gains 
compared with faffing output. 
These gams were larger in the 
1979-81 recession, but, also, the 
fall in output had been larger. 

Rapid g r ow t h in -the future 
could be sustained only if in- 
creases in wages did not out- 
strip productivity gains, a 
benefit which had not been, 
achieved before in the UK. 

‘It remains unclear either 
that the UK can generate fast 
growth in the forecast recovery 
or that we yet have a basis for 


preventing the inflationary con- 
sequences of. rapid growth. ” 

By making these counter- 
points the paper reflects both 
the Government’s interest in 
stressing the ■ productivity 
achievements that have been 
made and the wish of the office, . 
as an independent organisa- 
tion, to stress that few perma- 
nent conclusions can. yet be 
drawn. 

The paper says output per 
head in manufacturing indus- 
try grew between the fourth 
quarters of 1980 and. 1981, by 
10.6 per cent, the biggest rise 
since 1964: Output per man- 
hour grew at an annual rate 
of 8H per cent 

Other countries also experi- 
enced productivity gaans 
recently but the improvement 
was greatest in the UK. “The 
factors lying behind the im- 
provement are of particular 
significance.” says the paper. 

“If net gains in the reces- 
sion largely reflect the closure 
of the least-productive plants, 
with little improvement in the 
productivity of those that 
remain, then the gains, though 
valuable in themselves, wfil do 
very little to improve the 
UK’s economic prospects. 

“If companies economise by 
cutting down training and 
research, thereby undermining 
future competitiveness, then to 


this extent the change can be 
positively harmful. 

“ But almost certainly, at 
least part of the gain has arisen 
from more positive action by 
companies which have respon- 
ded to the recession by 
developing new products, and 
evening up new markets over- 
seas. Improvements in working 
arrangements and management 
practices have also been 
noted.” 

Reports from the NEDC’s 
working parties last December 
indicated improvements in pro- 
ductivity arising from invest- 
ment fa. new plant; 'product and 
market rationalisation, the use 
of . modern technology and 
better product-design and 
quality. 

Two major questions arose 
on the implications of such 
changes: 

• Could the current position be 
retained while the next cyclical 
upswing developed? 

• Did recent changes appear 
capable of improving the long- 
term growth trend of produc- 
ts vity?_ 

On the first question, evidence 
suggested the UK would hold 
to the gains, as had happened in 
past cycles. There was also in- 
creasing anecdotal evidence 
from companies that they 
expected to hold on to gains 
made by lower manning levels 


and more efficient working 
practices. 

The second question was less 
easy because it was “always 
difficult to detect whether 
changes visible over a short 
period represent only a short- 
term response or the beginning 
of a new and more major deve- 
lopment” 

It would not be possible to 
state definitely whether the 
UK's poor long-term trend had 
been altered until economic 
recovery was well under way. 

The paper says: “ It 'remains 
the case that if the long-term 
growth of productivity has 
changed it must primarily 
depend on the recent changes 
induced by ihe recession having 
altered the traditional associa- 
tion between output growth and 
productivity growth that has 
held in more buoyant periods. 

All sub-sectors of manufac- 
turing industry had experienced 
shake-out gains in productivity 
relative to output. The largest 
gains were in the vehicle-manu- 
facturing industry, metal-manu- 
facturing (twothirds of which 
was accounted for by iron and 
steel), bricks and glass, and 
mechanical and electrical and 
instrument engineering. To- 
gether these sub-sectors ac- 
counted for almost 60 per cent 
of the total gains achieved. 


" Overall it may well be that 
changes induced by the current 
recession have influenced the 
prospects for long-term pro- 
ductivity growth in a manner 
not seen before, particularly if 
the pressures of the past two 
years have resulted in some 
companies becoming mare 
accustomed to change in. 
methods and products thaw 
before.” 

The paper also says. Without 
referring specifically to trade 
union power, that some of the 
factors which may have 
contributed to the long-term 
deceleration in productivity 
growth since 1973 “may now 
have started to weaken.” 

In that case there could be 
a return to the higher produc- 
tivity increases which averaged 
3-2 per cent anually in the 20 
years to 1973, compared with 
an average of only 0.9 per cent 
annually between 197982. 

“ However, given existing 
levels of competitiveness, it 
cannot be assumed that UK 
industry is substantially better- 
placed for the next upswing in 
demand than the last.” 

The paper also says basic 
productivity fell by 5.5 per cent 
from a peak in the third 
quarter of 1970, if unemployed 
people in addition to people 
at work are included in 
productivity calculations. 


Foreign ferries lose claim 
against Trinity House 

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


A CLAIM by two Continental 
ferry companies to be allowed 
to sue' Trinity House, the UK 
pilotage authority, for well over 
£500,000 in excess pilotage fees 
they allege they have been 
wrongfully required to pay, was 
rejected by the Court of Appeal 
yesterday. 

The court also dismissed 
claims by masters and a chief 
mate of the companies’ vessels 
for an order directing Trinity 
House to examine their compe- 
tence to pilot their own vessels 
in and out of Harwich, and, if 
appropriate, grant them pilotage 
certificates. 

The claims had ben made in 
the wrong forum, said the court 
Under the 1913 Pilotage Act 
any complaint about a refusal 
to grant pilotage certificates had 
to be made first to the Depart- 
ment of Trade. Only after the 
department had made a deci- 
sion could an appeal be made 
to the courts. 

The companies were DFDS. a 
Danish company operating daUy 
services between Harwich and 
Esbjerg,. and Lion Ferry, a 
Swedish-registered company 
trading as Prins Ferries, of 
West Germany, which operates 
between Harwich and German 
ports. 


They complained that be- 
cause of Trinity House’s refusal 
to examine their masters, DFDS 
was having to pay about £300 
for each entry and departure 
and Prins about £250. If -the 
masters could pilot their own 
ships the only payment required 
would be about £6 to the pilot 
fund. 

Lord Denning said the foreign 
masters had as much expert 
knowledge of Harwich as British 
masters. But Trinity House was 
faced with the problem that the 
more certificates that were 
granted the more UK pilots 
would become unemployed, and 
the more revenue Trinity House 
would lose. 

Similar problems had arisen, 
and been settled, a tSonth amp- 
ton, Plymouth and the Tyne. 
But there had been no settle- 
ment in the ‘ London Pilotage 
District, which covered many 
of the busiest ferry services. 

Trinity House was preparing 
new bye-laws to deal with the 
situation and should have 
reasonable time for that The 
1979 Merchant Shipping Act 
said a pilotage authority was not 
obliged to grant more certifi- 
cates if there were already 
enough pilots, said Lord Den- 
ning. 


Call for central tax on industry 


. BY ROBIN PAUl£Y 

DOMESTIC RATES should he 
retained, reformed and supple- 
mented with 'a poll tax says the 
Association of British Chambers 
of Commerce. Non -domestic 
rates should become a national 
tax fixed centrally. 

In its response to the Govern- 
ment’s -Green Paper on “Alter- 
natives to Domestic Rates” the 
association also argues strongly 
for education to be founded by 
central government but with 
local education authorities con- 
tinuing to run the service. 


The association says this 
would largely remove the need 
for tbe Rate Support Grant 
It says the Green Paper is 
“irredeemably flawed” because 
it fails to consider the financing 
of local government as a whole. 

Tbe association accepts the 
principle that industry and com- 
merce should contribute towards 
the services they consume. 

But it says the non-domestic 
tax should be fixed centrally 
with protection for business and 
for local councils. The Environ- 


ment Secretary would fix the 
non-domestic rate with tbe con- 
sent of the Commons and an 
index would take account of 
inflation after the “ start ” year. 

There would be. annual con- 
sultation on the level of services 
and the proportion of their costs 
to be carried by commerce 

A government wanting to 
make a substantial change in 
the real level of the nontlomes- 
tic rate would bare to pass 
primary legislation through 
Parliament. 


Stornaway jobs threat 

BY MARK MEREDITH, SCOTTISH CORRESPONDENT 


LEWIS OFFSHORE bas issued 
precautionary 99-day redun- 
dancy notices to all 400 workers 
at its heavy fabrication yard at 
Arnkb Point, Stornoway in the 
Western Isles. The company 
blames a drop in offshore con- 
struction activity. 

An official said the company 
would continue to seek new 
orders. If none were found tbe 
site, which represented a £13m 
investment, would be kept on a 
care and maintenance bams. 

The Stornoway area on the 
Isle of Lewis has an unemploy- 


ment rate of 21.7 per cent 
Among the island's maim., the 
rate is 26.7 per cent 

The locaj . Lord’s Day 
Observance Society has planned 
a meeting to protest against 
Sunday working at the yard. 
Company officials have said in 
the past that restrictions on 
Sunday activity may have 
reduced the yard's competitive- 
ness. 

The society, with its links to 
the Free Presbyterian famnph , 
has a strong influence on indus- 
trial activities in the Western 
Isles. 


Don’t be tempted by short ten 
assistance.^ 



hfefoi 


: will be areas withouta proven 
' as industrial or commercial centres. And even more will be presented 
complete with enticing financial packages. Rent-free factories, relocation 
grants, and so many other short term incentives designed to attract business 
where business has never naturally developed. 

Be sure of a long term future 
in Medway, the commercial and 
industrial centre of the 

SOUth East. On the other hand, 
there is Medway. A region just 40 miles from London, 
yet with its own deep water docks. A mere one hours 
driving time from the channel ports, and linked by 
motorway to virtually all the commercial centres of the UJC 
There's a ready mile pool of skilled labour, and land and property to suit 
the most exacting of requirements. 

At a time when development zones are popping up like spring daffodils,, 
look at the development area that's been developing for centuries. 

I To: Medway Development Office, Rochester Gty Council, 

| Frindsbury Hill, Stood, Rochester, Kent ME2 4HR.Tet. (0634) 77890 

■ Please send me a Medway InforniaiionR^ 

■ Name 
| Qfflpny 





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Grade and Gill face fresh 

‘perks’ 


BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


LORD GRADE, the former head 
of Associated Communications 
Corporation, paid £1 for an 
option to buy his Belgravia 
penthouse at its 1975 price, plus 
the cost - of improvements 
institutional shareholders of the 
company allege. 

It is believed the property, 
valued last year at £405,000 
was purchased for about 
£1-5,000, and that structural 
alterations and improvements 
increased the cost to. about 
£ 200 , 000 . ■ 

The option was granted fry 
the ACC subsidiary Bentray 
Investments, in July, 1975, four 
months after the property was 
purchased, - the shareholders 
allege: 

The allegations are in the 
latest amendments to the' Hig h 
Court petition by which the 
shareholders seek to block a 
record £560,000 golden hand' 
shake to Lord Grade’s former 
deputy, Mr Jack GiB. 

Lord Grade, can exercise the 
option at any time, or Ms widow 
can have the benefit of it 
during the six months following 
his death, claim the petitioners, . 
headed by FossEund Nominees, 
the Post Office staff 'pension 
fund, . 

The penthouse, in Cbeval 
House, Cbeval Place, has an 
89-year un expired lease. 

The existence of the option 
was first mentioned in the Hig h 


Court. in January, when Foss* 
fund's QC, Mr’ Peter MiDett, 
said it had teen granted three 
days before Mr GiH was given 
an option to buy hj$ company 
house at £109,000 below its 
market value., 

The GiU option had been 
executed by Lord Grade on 
Bentipy’s behalf, said Mr 
MiDett 

He said of the Grade option: 
“We don’t know who signed it 
on behalf of Bentray, but there 
is. an inference that it must 
have been l£r GflL There is no 
evidence that the option was 
. considered by. the board of the 
company.” 

The. new amendments also 
allege -that Mr Gill, accused fry 
the petitioners of breaches of 
his duty to the company, 
“ caused or procured ” the com- 
pany to confer benefits on Mr 
Ellis Bfrk. one of its non-execu- 
tive directors, without the 
knowledge, approval or autoo- 
rftv of the board. 

.Those benefits are said, to 
have. been: 

• Regular payments, in addi- 
tion to director's fees', said at 
one time to have been at a rate 
equivalent to not less rhau 
£12,000 a year. 

• An agreement to pay him a 
£15,000-a-year pension when be 
retired as a director. 

• The use of a Rolls-Royce and 
chauffeur. 


BSC accused of 
irresponsible pricing 

BY ARTHUR SMITH, MIDLAND CORRESPONDED 


The shareholders also allege 
that. Lord Grade and Mr Gill 
received substantial payments 
from ACC’s U.S. associate. 
Associated Film Distributers, 
which were not disclosed to, or 
approved or authorised by, the 
ACC Board. 

The shareholders contend 
that matters about which they 
complain typify the manner in 
which the affairs of ACC and 
its subsidiaries have been con- 
ducted. They also refer. to two 
yachts in the Mediterranean — 
one said to have cost 91.7m — 
and two river craft on the 
Thames, 

Similar allegations are made 
about a private aircraft and a 
villa in Portugal— the latter 
alleged to be owned and main- 
tained by a Swiss subsidiary of 
ACC- - ■ 

The new amendments were 
lodged with the court yester- 
day. They replaced parts of 
the petition which were deleted 
last week because the court 
said they were too general. 

Mr Gill's counsel said the 
amendments mentioned In 
court on Tuesday were unsup- 
ported by evidence. 

The petition will come before 
the court again on May 10. It 
is generally accepted that it 
will not be ready for a substan- 
tive' hearing and a ruling by 
the court until early next year. 


Midlands 
companies 
report signs 
of upturn 

By Arthur Smith. 

TBE West Midlands Chamber 
of Commerce reports en- 
couraging signs of an upturn 
In both home and export 
orders. 

However, in fine with 
recent surveys by the regional 
office of the Confederation of 
British Industry, its latest 
economic survey published 
today, points out that the im- 
provement Is from a low base. 

Mr James Ackers, chair- 
man Of the West Midlands 
chamber, last night described 
the change as •* modest ". The 
number of companies expect-' 
ing to reduce their workforces 
remained greater than those 
likely to recruit labour. 

Any improvement in the 
economy was likely to remain 
only gradual unless there 
was a really significant 
redaction in interest rates. 
Such a movement, Mr Ackers 
said, was In large measure 
dependent upon the policy 0 F 
the U.S- administration. 

Industry in the West Mid- 
lands has argued consistently 
in recent months that official 
forec asts of a significant up- 
turn in ' the economy were 
premature. 

This survey indicates that 
interest charges and local 
authority rates are greater I 
issues of concern than the 
pace of inflation. i 


Scramble for motorbike sales 


THE International Motorcycle 
Show opens Its doors to the 
public at 'the National Exhibi- 
tion Centre near Birmingham 
tomorrow. The name is appro- 
priate — apart from a flourishing 
accessories trade, there is not 
much about it which is British. 

Lord Alexander Hesketh's 
new 1,000 cc Vee-Twin M super- 
bike " will be there. Initial 
production of 2,000 a year is 
planned. 

The struggling Meriden co- 
operative's latest Triumphs will 
be on show, as will the low- 
volume products of a handful 
of ciher makers, including 
names such as BSA. which are 
just shadows of their 1950s 
selves. 

Not surprisingly, when they 
account for 90 per cent of UK 
sales, the presence of Honda 
Yamaha. Suzuki, and Kawasaki 

swamps all else. Honda alone 
has S5 models on show. What 
is left of the UK industry 
accounts for just over 1 per 
cent c-f the British market. The 
rest is taken by Continental 
makers and cheap Eastern 
Europe imports. 

Market 

But all is not well in the 
Japanese camp. 

Having virtually taken over 
a market which shows every 
sign, barring an energy crisis 
of major proportions, of grow- 
ing crly slowly over the next 
10 years, the Japanese manu- 
facturers increasingly appear 
to be locked into a cycle of 


John Griffiths previews the 
International Motor-cycle Show 


investing ever larger sums for 
ever diminishing returns. 

In the UK, no less than in 
other developed nations’ mar- 
kets, the Japanese makers are 
rapidly presenting— and equally 
rapidly discarding— a seemingly 
endless array of new products 
to tempt bemused customers 
who either cannot or will not 
buy, at least in the quantities 
Japan's volume-geared factories 
require. 

Between them they have 
launched almost 100 new or re- 
vised models in the past 12- 
months in Britain alone, with 
more to be unveiled at the show. 
The degree to which new wares 
are being hawked is. in the view 
of a number of industry 
observers, approaching the 
absurd. 

A customer who at the end 
of 1980 bought a 500cc Kawa- 
saki model, for example, found 
that by the end of last year his 
version was three models old. 
So fast has been the redundancy 
rate that replacement parts for 
machines as little as two years 
old have become difficult to 
locate beneath the mountain of 
parts for newer models. 

Pressure on Britain's 2,000 
dealers to absorb output at a 
time when sales have fallen 
through recession and a number 
of other factors, have made dis- 


tress selling widespread. -The 
Motor Agents Association has 
warned that 10 per cent of the 
dealer network could disappear 
without a return to more orderly 
marketing conditions. To illus- 
trate, one 750re “ superbike " 
with a list price of £2,000 is 
being offered for £1,299 in some 
quarters. 

The signs are that there is 
little prospect of more orderly 
marketing. Registrations fell by 
13 per cent last year to 275,000 
— from a 1980 level which was 
admittedly the highest since 
1959. And despite forecasts at 
the start of this year by Mr Eric 
Sulley, Motor Cycle Association 
president, that registrations will 
climb back to 300.000 by the 
end of this year, many in the 
industry are preparing itself for 
a further drop of as much as 
15 per cent. 

Whether Mr Sulley's forecast 
will be closer to the mark 
appears to depend on industry 
hopes that the British Rail 
strike and the big jump in 
London and other cities' bus and 
tube fares really will drive a 
significant number of com- 
muters onto two wheels. 

It is against this background 
that the small nucleus of British 
makers is striving to get t-heir 
own mini-revival off the ground. 
Hopes of clawing back Inst 


ground from the Japanese are 
at best modest But Hesketh is 
aiming for a small slot at the 
top of the “ superbike " market 
where purchase price is seen as 
almost unimportant. 

The Meriden cooperative 
produces about 100 bikes a 
week, and it recently settled the 
issue of its film debts to the 
Government, under an agree- 
ment allowing them to be 
will ten off by repayment of £2m 
to the Export Credits Guarantee 
Department of funds due on 
machines that had been stock- 
piled in the U.S. Mr John Rosa- 
mund, the co-operative chair- 
man. said last month (hat it will 
have "a secure future.” 

Mopeds 

The BSA name was revived 
in 1979, by the Norton Viliiors 
Triumph group, for lightweil.r.i 
motorcycles and mopeds being 
built with Italian engines, and 
there are hopes of breaking into 
the big bike market with a 
rat ary -engined machine. 

BSA output is n.s yet timtied 
to a few thousand. 

That leaves a motorcycle 
venture under the aeguf <+$ Mr 
Harry Hyjper. head of the 
Armstrong Equipment Group, 
and the ambitions of Waddon 
Engineering. 

Waddon was launched last 
year with the intention of even- 
tually taking a large slice of 
Japanese motorcycle sales nnt 
just m Britain but m Europe. It 
hopes to start building 3,000 
machines a year at Croydon 
from Scntcniber. 


BRITISH STEEL Corpora turn’s 
pricing was ‘‘irresponable,” Mr 
Frank Brown, president of the 
National Association of Drop 
Forgers and Stampers, said 
yesterday. 

He told the association's 
annual meeting in Birmingham 
that bis industry was being 
squeezed by the rising cost of 
steel and the inability to pass 
on price increases. He also 
took a sideswipe at BL. 

The labotrr force of. the in- 
dustry, which is a key supplier 
to the automotive and engineer- 
ing sectors, had been cut by SO 
per cent to 15.600 in two years, 
he said. Yet there was still " 
“an excess of, capacity ‘chasing 
too few orders." ; .■ 
rCustpmers: had exploited ; fhe 
borers’ market *nd had shown ■ 
they were more interested in 
short term -gains. • tftan' the 
overall stability rtf the relation- 
ship between supplier and • 
uaer. 

The industry had not been 
helped by its own suppliers, 
both BSC and the independent 
companies. - 

The Increase in steel prices 
last October might have been 
necessary but to -follow that 
with a further rise this 
February was irresponsible, Mr 
Brown maintained. ' 


Members had been greeted 
with a hostile response from 
.customers when they tried to 
pass on the price increase. 
“Tins is particularly so in the 
case of BL.” 

He referred to the refusal of 
BL to pay BSC the price rise 
- announced this year. “It is 
, therefore not surprising that BL 
has refused to settle price in- 
creases with our members based 
on the same BSC list.” 

But if. BL were stopped 
because of lack of steel its 
losses would be underwritten 
by the taxpayer, said Mr Brown. 

“Our members are not big 
enough and powerful enough to 
resist BL or BSC. We need 
the steel. We need tfib- orders.,, 
If '.we -stop we go out of .bust 
ness,” he declared. 

- O utput from the drop forging 
industry last year was just over. 
276,000 tons, a fall of 18.3 per 
cent from' 1980 and 38.7 per 
cent from 1979. 

The trend was upwards,' how- 
ever. for the first few months 
of this year, Mr Brown said. 
But with low. order books there 
could be little confidence of 
achieving a break even position. 

“ The return on capital em- 
ployed is far from acceptable,” 
he said. - . ' - 


Order for research ship 


BY DAVID RSHLOCK, SCIENCE EDITOR 


A RESEARCH vessel, more 
ambitious than scientists had 
honed for, is about to be 
ordered by the Natural Environ- 
ment Research Council. 

The 1,800 tons' gross ship, 
costing £7.25m, will be ordered 
from Appledore Shipbuilders .in 
North Devon, part of British 
Shipbuilders. Appledore won 
the order in competition with 
two other shipyards, one Nor- 
wegian and the other a British 
private company. 

The competition prodded 
British Shipbuilders into 
making a more imaginative bid 
than it otherwise might have 
made for a relatively small 
vessel, said Sir Herman Bondi, 
chairman of the research coun- 
cil 


As a result, the new vessel 
—which he hopes to name the 
Charles Darwin — will be the 
NERC’s single most expensive 
research vehicle. The priee will 
include the ship and its labora- 
tories but not the on-board in- 
strumentation. • 

The Charles Darwin, will re- 
place its present research 
vehicle, the Shackleton, in the 
spring of 1984. It will be 60 feet 
long and have a propulsion sys- 
tem permitting either diesel- 
electric or direct diesel drive. 

Sir Herman said the purchase 
of a vessel, at a time when fin- 
ances were far from easy, repre- 
sented the council's belief in 
the importance of maintaining 
and improving Britain’s capa- 
bility for high-level research in 
the oceans. 


Newcastle airport plans 
to build £2m taxiway 


BY NICK GARNETT 

NEWCASTLE airport is plan- 
ing to build a taxiway parallel 
to its stogie runway as part of 
an expansion programme. The 
programme is geared to doub- 
ling the number of passengers 
handled each year— from the 
present Llin by -the end of the 
decade. 

The local authority airport is 
three quarters of toe .way 
through an. £S.5m enlargement 
and modernisation scheme for 
its- terminal buildings which it 
says will attract -industry. 

The taxiway would represent 
a further estimated investment 
of £2m. A £130,000 extension 
of the airport iprons is also on 
the drawing board.- 
.The Tyne and Wear Passen- 
ger Transport Executive, too,, 
has some long-range proposals 
for extending the Metro light 
rallway-rwhich now ends three 
miles from the airport— to the 
term ing] buildings at a current 
cost of. £3m to £4m. . 

A new motorway class road 
is also due to be extended from 
the to toe airport’sr peri- 
meter,.-. . ’ . 

Newcastle -has some of - toe 
poorest, taxi-tog facilities for. 


aircraft in the UK The : fie3d 
has a similar ground configura- 
tion to that of Tenerife— scene 
of a major disaster on the 
ground Involving two Jumbo 
jets— with planes required to 
taxi down toe runway. 

The taxiway would be built 
partly as- a - safety measure, 
although the . airport says the 
present system, which includes 
television monitoring, is fully 
safe. 

The main impetus for build- 
ing is to remove unnecessary 
delays during times of high 
traffic and to' improve toe 
genera] efficiency of handling 
arafL The taxiway would more 
than quadruple.' the. airport's 
potential movement rate 

One of Newcastle’s biggest 
weaknesses is toe restricted 
number of international routes 
on which scheduled Rights 
operate. These currently are 
Amsterdam, Stavanger, Bergen 
and Dublin. 

Mir Jim Denyer, the airport 
director, said the intentioa.was 
not to try to obtain “gateway 
airport status. There is small 
chance of a scheduled- flight to 
-the. U.S. at Beast until 1990, . , 


IS THIS THE FACE 
OF BRITISH INDUSTRY? 


Or more to the point, do you employ managers who 
are not a million miles from our friend above. Hard working 
and talented he may be - decisive he’s not 

And if he’s recommending your next computer 
system, the chances are he will put forward the name of IBM. 

The easy option. ■ 

Notthatwe’re knocking the qualities of IBM. But we 
are suggesting there is a more positive choice. A company that 
provides a folly compatible alternative. 

’ National Advanced Systems. 

With the financial strength and manufacturing 
expertise of National Semiconductor behind us, we offer a 
systems support and maintenance service that Datapro rate as 
the best in Europe. 

Which goes a long way to explain why NAS has 
become the world’s largest supplier of IBM compatible 
computer products. 


We’ ve more customers and inore installations at more 
locations than any other PCM computer company. 

Just some of the facts that convinced the likes of 
British Airways, Unilever and Guardian Royal Exchange to 
choose National Advanced Systems. 

So when deciding upon a new computer system, talk 
to us first and meet the other face of British industry. 

National 

Advanced Systems 

ADivision of 

National Semiconductor (UK) limited 
65 Staines Road, Hounslow TW3 3HF 
Telephone: 01-570 2323 • 





* 


s 


Financial Times Thursday April 8 1982 


COMPANY NOTICES 


EJ.I. International Insurance Investors MV. 

Notice of the Annual General Meeting of 
Shareholders to be held on April 30, 1982 


To tha Shareholders of LLL International Insurance Investors N.V. ■ 

Notice is hereby given that the Annuel General Meeting of Shareholders of 
I.LL International Insurance Investors N.V. (“the Company - ) will be held at the 
Cupecoy Hotel in St Maarten, Netherlands Antilles on April 30, 19&2at 1:00 pm 
Netherlands Antilles time forconsidering the following agenda: 

(1) Consideration of the Report of the Managing Board. 

(3) Consideration and approval of the profitand loss account for the financial 
period from September 22.1980 to December 31, 1981 and baiancesheet 
as at December 3i, 1981. 

(3) Fdrthe election or re-election of four Class C Managing Directors. 

(4) For tha appointment of a person to the office envisaged byArtide 8(8) of 
the Articles of Incorporation. 

(5) For the appointment of an independent chartered accountantforthe 
audit of the financial statements forfheyear ending December 3U 1982. 

(6) The transaction of such other business as may properly come before the 
meeting. 

Holders of bearer shares, in order to exercise theirrightsatthe meeting must 
establish their ownership of such shares in a manner satisfactory to the 
Chairman of the meeting. Nevertheless, they may establish such ownership by 
depositing such shares (ora Certificate of Deposit of such shares satisfactory 
to the Managing Board) atthe offices of J. Henry Schroder Wagg & Co. Limited. 
120 Cheapside, London EC2V 60S, England, against written receipt, not later 
then five days priorto the date of the meeting and by producing this recelptat 
the meeting. Shareholders may be represented atthe meeting by written proxy 
empowered inaiettec 

CURACAO CORPORATION COMPANY N.V. 
Dated April 8, 1982 Managing Director 


F. & C. ORIENTAL FUND S JL 


socldlt a no n vine 
Registered Office: 

LUXEMBOURG. 1* me Aldriagen 

Commercial Register- 

Luxembourg. Section B No. 1G.BSS 


NOTICE OF ANNUAL GENERAL 
MEETING OF SHAREHOLDERS 
The Annual General Meeting oj 
Shareholders of F. & C. Ortarta Fund 
ftA. will be held at Its registered 
office at Luxembour g. 14, rue Alanngen 
on April 22nd. 19B2. at 1230 o'clock 
pjn. lor the purpose of considering 
and rating upon the following matters: 

1. To approve and ascept the reports 
ol: 

a. the directors: 

fa. the statutory auditor. 

2. To approve the balance sheet and 
profit and loss account tor the year 
ended October 31st. 1981 . 

3. To allocate the net profit and to 
declare a dividend of 20 cents per 
share payable .In stock of the cam- 
parry with a cash option. 

4. To discharge the director* and the 
auditor with respect to their per- 
formance ol duties during the year 
ended October 31st, 1981. 

STo elect the dlnictorstQ mwmtf 
the nex t an nual general meeting of 

6. Tb* r Sect^Sw auditor to serve n atil 
the next annual general meeting or 
shareholders. 

7 ‘Tt5 B Su!^ ll Gaoer»l Meeting urtH bo 
followed by an Extraordinary Meeting 
of Shareholders oftfte Co otpany which 
will be held at the same was ■* 
1400 hours for. yoJBggL* 
considering and voting upon the fallow^- 

H inftAn * 

1. To allocate to capital and jp«t» 

- ordinary res er v e an amount cut or 

tte ^ prow at the year ended 
- Mob?' -filst. .1981 sofficlwt « 

Issue a stock dlv/dend totheshare- 
boiders not having opted for the 
cash dividend of 20 cents per share 
and to distribute to these share- 

holders their proportionate entiae- 
ment In shares Ol tho Fund and 
in cash In respect el fracti ons 

2. To authorise the Board of Directors 
to ate aB decision necessary or 
Serai In connection with tijolmule- 
raeiiCatioa of .t he ahow dlsPjturtton 
of the stock dividend and the 
related Increase ol capital within 
the authority gra n te d by share- 
holders resolution ou August 27th. 

The shareholders are advised that 
"exMtft' Mr reMtbUoM taken -on; th«- 
agenda of the artraardlnarv meeting 
of shareholders no quorum for the 
statutory meetins Is require* an d- that 
decisions wnt be taken by the majority 
of the shares present or represented 
at the meeting with the restriction 
that no shareholder either by himself 
or fay tioxy can cast votes- ■" tweet 
of a number of shares In excess or 
one-fifth of - the shares Issued 1 W 
two-filths of the shares present or 
repre se nted at the meeting. 

Resolutions on the agenda of the 
extraordinary meeting require the 
presence In. person or by proxy -of 
at least 50% of the Issued and . out- 
standing capital and must be adopted 
by a majority of 1 ol the shares 
present or represented at the meeting. 

In order lo take part at both meet- 
ings of April 22nd, 1982. the owners 
of bearer shares are required to 
deposit their shares three business 
days before the meeting at the 
registered office of the Fund. 14. rue 
Aldrlngen. Luxembourg, a with the 
following banks: 

Banqne Gfndrale du Luxembourg. SA 
14. rue AMrlngeo. Luxembourg; 
Williams & Giro's Bank Limited 
67, Lombard Street. London, E.C3. 

The Board of Directors. 


RB.E.S. 

SOCXBTTESREUNIESDU 
JBASSIN DE L'ESCAUT 
SOCIETE ANONYME 


(Jncoiporalcd under tito lines of 

the Kingdom ofBdspnn) 


RECONVENED 
EXTRAORDINARY 
GENERAL MEETING 

Note is hereby chmn that UtcExtroortBuary 
General Meeune of UtcCbnnotiytihtehnxt to. 
JiavebccnhcldonTuCStkrcv Util ApriL 1982. w3L 

ffiowbe beld on Marias 26* AjwL J9E,ac 
UA5 uc. at the Restored Office of the 
Company, Med irt-m x u wi y JTLAatgap. 

BUSINESS 

ft'rabnTCsedttAiiilnasedC&xtaJaftha 

Company 

To Authorise an Tssne of stares far 

CThsailCionbysbarc ho ld cn — Baa am 
liras to be fixed. 

aToAgritortoagfoDOofri angfo r 
sah5criptioat<vtheaafio(£BESiifla 
U5TERESCAUT— Wcoand’Earustobo 
fnel, 


Koto 

HoJdersrfslowTwriantscniMisJaadwishiflS 
to aunri or be rerracracd a: she meetma 
stacsdddepcdb tyTuealay, 20th April, 
ciibcnhar share warrants to bearer or a 
ccni&afc ol tbdr hoftttK issued tyifadr 
Bankers at Baaque Beta Limited. 

4. Bishopscarc. Jj.wJon.EC2N 4 AD 

li cm y c hni a further details and attobatonows 
rathe McelmR art araflaWc. 


TELEFONAKncSOLAGET L M ERICSSON 
(L M Ericsson Telephone Company) 


The Annual General Mooting of the 
Company will be held at the Stockhclm 
Fair Building. Maessraegen 1. Aelvsloe. 
Stockholm, at 4.00 pan. on Thursday 
23th April. 1982. 

The following Items will be on the 
agenda for the Meeting: 

1 . To duct a chairman for the Meeting; 

2. To approve the voting list: 

3. To corns rm that the Meating has been 
property called; 

4. To elect two persons to check the 
minutes at the Mooting: 

5. To present tea Annual Report and 
the Auditors' Report: 

6. To present tha consolidated accounts 
and the Auditors' Resort on the Group; 

7. To approve the Profit and Loss State- 
ment and tho Balance Sheet: 

8. To approve (ho consolidated Profit 
and Loss Statement and the consoli- 
dated Balance Sheet-. 

9. To discharge tho Members of the 
Board and the Managing Director from 
liability; 


10. To determine the appropriation of the 
provided tiie Balance Sheet 


of the 


profits. . _ 

Is approved: 

11. To fix the date of payment 
dividend declared; 

12 To determine the number of Members 
of the Beard and Deputies: 

13. To determine the remuneration payable 
to the Members of the Board and to 
the Auditors: 

14. To elect Members of the Board and 
Deputy Members; 

15. To elect Auditors and Deputy Auditors: 
18. To resolve on a proposal by the Board 

Of Directors and the President that the 
Capital Stock be Increased by means 
of a Bonus Issue whereby shareholders 
will lor every two old shares or Class 
A or O ass B receive one new share 
of. the same class: 

.17. To fix the date of record tar the Bonus 
Issue: ■ 

18, To decide on any other business which 
according to the Companies Act 1975 
shall be dealt with at the Meeting. 
Shareholder* Intending to participate 
In the Annual General Meeting most be 
entered as shareholders in the Share 
Register kegt by Vaerdepappersceutralen 
VPC AB (Securities Register Centre) - not 

later than - 1 9Ur April. 1982. 

Shareholders whose shares are registered 
In the name of an Agent must re- register 
the shares temporarily In their own names 
In order to participate In the Meeting. 

In addition to tho abore-mentioned 
requirements. shareholders shall give 
notice of attendance to- tho headanarten 
of the Company at TeleronpJan S-126 25 
Stockholm, between . 10.00 zap. and 
4.00 p.m. dally, not later than Monday 
2Btti April 1ga2 st 4.00 pjjj. 

Any person desiring to participate In 
and to rate as proxy on behalf of a 
shareholder at this Meeting, must pro- 
duce a dated Power of Attorney before 
being allowed to do so. 

. THE BOARD OF DIRECTORS. 

April. -1982. ' 


F. & C- ATLANTIC FUND SJL 

sac lets anonyme 
Registered Office: 

LUXEMBOURG. 14 rue Aldrlngen 
Commercial Register; 
Luxembourg. ■ Section B No. 8.198 


NOTICE OF ANNUAL GENERAL 
MEETING OF SHAREHOLDERS 


The Annual • General ’ Meeting of 


SharehofderS'Of F. _& C. Atlantic Fund 


LA. will be beld at Its registered 
office at Luxembourg. 1 4, rue Aldrlngen 
on April 22nd. 1982. at 11 o'clock 

а. m. for the. purpose of -considering 
and voting upon tho following matters; 

1. To hear and accept the reports 
of; 

a. the directors: 

b. the statutory auditor. 

2. To approve the balance sheet and 
profit and loss account lo rthe year 
ended December 31st. 1981. 

3. To allocate the net profit 

4. To discharge the directors and the 
auditor with respect to their duties 
during the year ended December 
SIM t 1991. 

STo elect tho directors to serve until 
the nett annual general meeting of 
shareholders. 

б. To elect the auditor to serve, until 
the next annual general meeting of 
shareholders. 

7. Miscellaneous. 

The shareholders are advised that no 
quorum for the statutory meeting Is 
required and that decisions will be 
taken by the majority of shares present 
or represented at the meeting with 
the restriction that no shareholder 
either by himself or by proxy can cut 
votes In respect of a number of shares 
In excess of cne-fifth of the shares 
Issued or two-fifths of the shares 
present or represented at the meeting. 

In Order to take pvt at the meet- 
ing of April 22nd. 1382. Che owners 
or bearer shares are required to 
deposit their shares three business 
days before tho meeting at the 
registered Office of the Fund. 14. rue 
Aldrlngen, Luxembourg, or with the 
following banks: 

Banquo GOnOralo du Luxembourg. SJL. 
14. rue Aldrlngen. Luxembourg: 
Williams & elm's Bank Limited 
67. Lombard Street. London. E.C.3. 

The Board of Directors. 


BANQUE INTERNATIONALE 
POUR L’AFXIQUE 
OCCIDENTALS 


usjsaojonfioo 

Floating Rate Notes 7982-1988 
The rate of interest applicable 
to the interest period from 7 
April 1982 up to 7 October 1982 
as determined by the reference 
agent is 15t£ per cent per 
annum; namely USS79.74 per 
note of USS 1,000. 


FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT 


Hod Office TIN Fk—rfti Tinas Lbnttad, Btecfcta Hans, 10 Canon Street, Uadu CC4P 48Y. 
Tib a mum T«Ni ridniHitoTimnm'i TvNunwi n— tins. i muiwi T slip film niTtnimno 


FMUart fifftae Tta F fr—th f H— flaw Ft/ Lftfc. gri sffuCf rtr . 54. 04000 Ftamkfmt^m-Maia X, 
West tuny. Ihtac 4UUB. T ri eph— : 7998-0. Etitabi: FnaksnSta TUO. Telex: 416052. 
Triephoaet 7598 157. 


INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES 

ABOtm+mc PJL Boa 12%, tautedastC. Trine Madrid; Kfpmcada 32, Madrid 3. Tab 441 6772. 
35527. Tab 278 758. Unfa sit ■■■ GAtaM ad A d rerifr to p fern's 

BkyiNfui EURarfad and Mlw fM ui Gtmyv Has, fern SL, M2 5HT. Tatac 668813. T«fc 
Hte^^e er^ ffiL, KL5 IPS. Trike 338&50. Ttfc (*WS4 938L . 


1 13J104 I 


12-IO.TahDC 


88M542. Tfit 210099. 

Bfpsaate 39 fee tacah. Trio: 23283. Fas 532 
UOA Til: 512 9037. 

Jftms Aim EBk* Sfln Plu 7, No. 74 
OmpM. Cwrienta «*, CodMa 1366. Tab 
3947696. 

Cain: PUL Box 2ML Tat 751482. 


Mexfca dfer Nsre *e h Refanaa 32SHO. Heriai 
6DF. TffiSB 1368. 


M n s ce v r. K uh a avtlgr 1A. Apartnat 3, JMamv. 
Tries: 413300 Fh>om. TeL- 20 16*. 


Hew rmki BUM* ** Adtarifdv 75 
RtfktUkr Hut, AT. 1003ft EOmU Tate 

66390. Tvfc (212) 541 4625. Adfqrffcfef Tetac 

23840ft 7W: (212 489 8300. 


INK 25 Sm8i FftBeriek St, Mil 2. T*c 
25414. Tel: BahBa 603378. 


Street, £112 2HH. Taka: 7204. SOaritf Tjfc 

CSM2S HZLJdmadPfTA <KZ-22fi 4Z9ft. 

taffttart: EBhiW FiwifiwrtH 7X83. Treat 

4U0S2. Tfife 7598 157. AdtorfUv ByMretrtr. 

54. Ttec 416193. Tel: 759UL 
H«m Knag Bo— 3UZ, Hrag Owf I 
teas IM Cvatrid, TMn 75204 
54S5U6. 

lahtnaibmi. PJL Bn ZU8.Tdtc8-6S7.Td: 
838-7545. 

Late Ad tti f hh t g Nnw nwt ten, The 
Hotenr. Tefc 0532 454969- 
Udm: Pro de Maria 58-10, LUm 2. Tries 
U531 Tefc 362 508. 


hfefiBHWtedNtWotefJIte 

. Le Lmitc, 168 Hue Be RML 1m*, Paris Cata 

OL Tatac 220044. T* 297 2000. 

H» de JnritK Bo Brem 45, Stfaf 2611-2612, 

Cento OT 20090; Bq de Jwl rf M Prefl. Tth 

X3 8845. Trine c/a I halm. 

Rome- MeW Vk Mb Mnreh 5ft Tatac 
610032. Tefc 678 33M. 


.5 
WL Tefc- 


Trtjw 


7. Tries 17603. Tab 50 60 88. 

ERhM 8th mar, On Kriai, 

«— n MO*. 144 OtanrehL CWyods-kn. 
Roc 245 0JB8. Tab 241292ft JUMBO* 
Kaatare BriMcB. 1-M0 UeStaria, 
Chtoda-fcn. THec 227104. Tri: 295 4Q5CL 

WllWlf BOorM 914 KttBtiri Prea 

■a WkM . W i ritei q DJ. 2004ft Trine 440340L 
Ttb COT 908676. 


For Short Index auid Badness News Summary, Tefephtme 246 8026 
(Bomber, preceded By the appropriate ana code vaDd for Londofl, 
Birmingham, Liverpool and MudKster). 

4Sa*artMnp b-retfcct IB de peUfaboVneretenBari arifions cuphs of wfefcfrreeavaRiMt wt ' 


NEGIT SJL 

T0a. BOULEVARD ROYAL 

LUXEMBOURG 


NOTICE OF MEETING 
NOTICE IS HEREBY GIVEN that the 
twelfth annual general m eeti n g of 
Nggie SLA. w||l he held at Hi* regis- 
tered office In Luxembourg. 10* 
Boqfevard Royal, on: 

- FRIDAY. 9tfi APRIL. IBM 
at 12 noon 

fur tho purpose of -consfderlss the 

following agenda: 

1. To receive and adopt the director** 
report and the report of tile 
statutory auditor for the year to 
31st Decamber. 1981. 

2. To receive and adopt the balaite* 
sheet and statement ol operations 
as at 31st December. 1981. 

3. To approve payment of director*' 
fees. 

4. To grant discharge to the direc- 
tors *nd the statutory auditor In 
respect of the execution of their 
mandates to 31st December. 1981. 

5. To receive and act on the statutory 
nomination for election of the 
statutory audita- for a new . term 
of one year- 

6. To appropriate the earnings. The 
Board of Directors of Negit ftA. 
hold on 4th March. 1982 has 
decided to propose to my a divi- 
dend of U.S.S0.13 payable cm loth 
May. 1982. 

7. To transact aoy other business. ' 

The resolutions will b* carried by 

a majority- of thos* present or resre- 

Tbe shareholders on record at die 
date of the meeting are. entitfad to 
vote or give proades. Proxies should 
arrive at the registered office of th* 
company no later than twenty- four 
hours before the meeting. 

- The present notice, together with 
a form of proxy, has been sane to 
all registered shareholders on record 
at 22nd March. 1982. 

Forms of proxy are available ou 
request at the registered office of the 

company. 

By Order of the Board Of Directors. 
J. PIERSON. Secretary. 

Luxembourg. 22nd March. 1982. 


E.B£S. 

SOC3ETESREONIES 
D’ENERGIE DU BAS SIN 
DEVESCAUT 
SOCIETE ANONYME 


{JncarporatcdwtderihAlaKScf 
t/ic Kingdom ctf Belgium) 


NOTICE OF 
ANN UAL 

GENERAL MEETING- 


No ike is hereby eiven Hint the Aunoal General 
Meeting of tiie Company will be bdd on 

Monday, 2Wt ApriL 1382, at U aap^attfcs 

Re cta ered Office of the Company; 
MwtetaaMMiWg2?IJtaBp.BdteL 


BUSINESS 

1. To recewefte Reports of Ihe Board of 
fiirecuxs, tbe~Co8f9B des Camrinbtx! 
nod tiie Company Awfitac 

2. 7o approve the Bala n c e Sheet Profit and Lore 
Account and die appropriated of Profits, for 
the year ended 31st December ISfi. 

lTo pvfldflC fafll g C to ^ piw ^infRaHfT 
* Y*himnftgiif^ 5T 

4.To d eet l)toe t cg a ad *C bPinterere fi 


Vote 


HnMj-T Cfifnham wan - J tif u mfhfc rixadirfdibi^ 
tn atte Tvl nr hr i r p n-t ri ii r R «nh> nie nm g 

should depone by 20th Ajaft 1982. tidier 4rir 
share wantons to bearer ora certificate of thor 


T nmW i, RkhiT piglUr, f pnrtnn, Fi.TTN4Af). 
TWiyyi ->T1 fr,~Tl 


THfi MORTGAGE BANK AND 
FBfANCULADMMSTRATUN AGENCY . 

0FTHEKMGDQM OF DENMARK 
(Kongerlgel Danmatia Hypottttank og 
FI nan sl ot vu l tnln g) 

LLS.3Bft00ft00a 

GUARANTEED FLOATING RATE NOTES 
_ .DUE 199ft SEraESLXXm 
. EXTENDIBLE ATTHE NOTEHOLDER'S 

OPTION T0 1934 IRREVOCA BLY AN D 

UNCONDmONALLY GUARANTEE) BY 

' TOE KINGDOM OF DENMARK 
hi accordance vrtth the p rovisions of thq 

Notes nottco is hereby grim Biat tar the 

Initial period fRxn 8 Aprt to80ctober. 1982 

the Notes wiR cany an Interest rate erf 

lS'-'LiH per annum. The Interest payabte. 

on Vie relevant interest payment date, 8 

October, T982 against Coupon NaliiMbr 

lLSS3ft8J2^ft 

TT» Chan Manhattan Bank, NA, London 
Agent Bank 


. • NOTICE TO HOLDERS OF. . 

EUROPEAN DEPOSITARY RECEIPTS 
(EDRs) IN 
FUJITGC CO.. LTD. 


We are pleased to con firm that copies of 
the Consolidated Financial Statements for 
the year ended September SO. 1981 of 
Fuji tec Co.. Ltd- are now available to 
EDR- holders, anon application, at the 
offices of the Depository. Citibank. NA. 
336 Strand. London WC2R 1HB. and the 
Agent. Citibank (Luxembourg) SA-, 16 
Avenue Marie Thereto. Luxembourg. 

■ CITIBANK. fLA. 

London. Depositary. 

April 8. 1982. 


J. W. CAMERON 4c CO.. LIMITED 


UK NEWS 


Rolls-Royce 
reports 
£ 18 m profit 
before tax 


By Mdnd Donne, 
Aerospace Correspondent 


ROLLS-ROYCE, the Government 
owned aero-engine manufac- 
turer, earned a pre-tax profit of 
£18m last year, compared with a 
loss of '£22m in the previous 
year. 

Hie trading profit, before 
financial expenses, amounted to 
£64m, against £12m in 1980, 
on a turnover that was 15 per 
cent lusher at over £L44bn 
(£1.26bn).' 

Sir Frank McFadzean, chair- 
man, revealing these results 
yesterday, said considerable 
management effort bad been 
applied last year to restructure 
of the company’s operations. As 
a result, tbe number of workers 
had been cut by 5,900. to about 
52,000, and a comparable de- 
crease is expected this year. 

The severance terms have 
been ' voluntary, and cost the 
company £l7m. After meeting 
these costs, and other items in- 
cluding tax, the overall result 
for the year was a net loss of 
£3m against a net loss of £2 7m 
in 1980, and a net loss of £63m 
in 1979. 

Sir Frank said the results 
were affected by the continuing 
airline industry recession, which 
ha.q deepened and “ may go on 
longer than was anticipated. 

“ The productivity improve- 
ments which have been, and 
will continue to be, made in 
the company's operations have, 
of course, both immediate and 
long-run effects. 

“The extent to which they 
will flow through in the form of 
a continuation of the improved 
profitability performance is 
heavily dependent on the de- 
mand trend for our products. 

"At least in the short run, 
the outlook for military busi- 
ness is more promising than on 
the civil side. 

“Indeed a continuation or. 
even worse, an intensification 
-of the adverse effects of the re- 
cession on the civil airline in- 
dustry already in a . difficult 
flrianrial position bC® "in 'the 
U.S. and internationally, could 
result in orders for new equip- 
ment being further postponed.” 

Sir Frank said that in addition 
to the recession in civil aviation, 
there was . intensified competi- 
tion between engine jnanufac- 
turers for greater fuel efficiency. 
As a result more resources were 
beings devoted to .research . and 
development 

Among the company's prob- 
lems^ was the decline in spares' 
business, which was appreciably 
short of budget as a result qf 
various air forces reducing the 
number of hours . flown; and a 
running down of inventories by 
civil airlines due to increasing 
financial pressures. 

. Military, and related business 
continued satisfactorily. 


NOTICE IS HERESY GIVEN that 
Preferencq Share Registers of the comoanr 
wfir fc« ctosed from the 17th April to tire 
SOtfa April. 1 9B2. both dates Indurive. 

By Order of tire Bojrrf. 

C. F. PORTER, 
Secretory. 


LEGAL NOTICES 


IN THE MATTER OF . 

DULEEK CATERING SERVICES LIMITED 
AND IN THE MATTER OF 
THE COMPANIES ACT 1948 


NOTICE IS HEREBY GIVEN that tha 
creditors of the above-uBmqtf'Comgany. 
which Is being voluntarily wound up. 
are required, on or before tho Thirtieth 
day of April, 1982, to send in their 
full Christian end surnames, their 
addresses and descriptions, full par- 
ticulars of their debts or claims, and 
tho names and addresses of their 
Solicitors (if any), to the undersigned 
Patrick Granville White of 1 Wardrobe 
Place. Carter Lane, London EC4V 5AJ, 
the Liquidator of the said Company, 
and, if so required by notice in writing 
from the said Liquidator, are, personally 
or by their Solicitors, to came in and 
prove their debts or claims at such 
time and place os shell be specified in 
such notice, or in default thereof they 
will bo excluded from tha benefit ' of 
any distribution made before such 
debts ere proved. 

Dated this 29th day of March 1982. 

PATRICK GRANVILLE WHITE. 

Liquidator. 


DAVIES & METCALFE PLC 


NOTICE IS HEREBY GIVEN that the 
TRANSFER BOOKS of tho Company will 
be CLOSED from 19 April 1982 to 
23 April 1982, both dales inclusive. 

By Order ol the Board, 

R. ALLEN 
Secretary. 

Injector Works. 

Ham I ley. Cheshire. 


LOGO CO. (INTERNATIONAL) LTD. 


NOTICE IS HEREBY GIVEN of the first 
Creditors meating to be held at 11.00 
a.m.. Friday 23rd April at tha Com- 
pany's office at 11/15 Emerald Street. 
London. Y/C1. 

PAUL WORTH. 

Company Secretary. 


ANNOUNCEMENT 


STEWART A HUGH MAN LIMITED. Gray S 
inn {Underwriting Agency) Limited — 
Following the KoabJtiofi of 40% of 
tfra Share Canftal of Gray's Ion t Under- 
writing Agency) United fay Stewart 
i, Hugfxnan Limited -and Peninsular 
Underwriting Agency Limited, Mr- C. N. 
Lcuw has Joined the Boards or Stewart 
& Hughman and Peninsular. Mr. 8. A. 
Stewart and Mr. D. C. Craig have been 
appointed to the Board of Gray* Inn. 
-At- -the -Mine Bn»-Mr, -D. A. Barkay-I 
and Mr. P. G. Stilwell hare been 
annotated Directors of Peninsular. 


PUBLIC NOTICE 




1982 mature 8th July. 1982. Applications 
totaliod- £37m- -Minimum accepted- erica 
£96. STS. Avorape rate of dtoxmt 
12.53%. Total BUu outstanding £5BjSm. 


Breakfast 
TV account 
for Saatchi 


By Arthur Sandies 
SAATCHI and Saatchi Garland 
Compton, Britain’s largest ad- 
vertising agency, is to handle 
the £1.5m, annual advertising 
account of TV-AM, the new ITV 
.breakfast programme. It looks 
increasingly likely that TV-AM, 
headed by Mr Peter lay, will 
go on the air earlier than its 
planned launch date of May 
next year. 

- -The BBC ha salready - an- 
nounced that it plans to start 
a breakfast service in the New 
Year. Mr Ron Neil, at present 
editor of BBC-2's Newsnight, 
has been appointed editor. 

Since the BBC proposals be- 
came public Mr Jy has been 
campaigning openly for an 
earlier start for the ITV morn- 
ing show. Its strt had been 
delayed deliberately in order to 
give the Fourth Channel a 
chance to settle down after its 
autumn opening. 

But In the middle of the 
month it must decide on a suc- 
cessor for Sir Brian Young as 
director general of the IB A, its 
top full time appointment A 
decision on an early start for 
breakfast TV would seem un- 
likely until the new senior ap- 
pointment is made. 


Resignation of Lloyd’s 
member 


A LLOYD'S underwriting mem- 
ber, facing disciplinary proceed- 
ings in the market under rarely 
invoked sttutory legislation, 
has resigned. 

At yesterday’s meeting of the 
Lloyd's ruling committee Mr 
George Mountain's resignation 
was accepted and will take 
immediate effect. The commit- 
tee resolved that the disciplin- 
ary proceedings against Mr 
Mountain under the provisions 
of section 20 of the Lloyd’s Act 
of 1871 should be discontinued. 


Pressure to freeze 
steel prices 

BRITISH steel consumers 
believe they are making pro- 
gress in getting government 
support against further, steel 
price rises. 

. Mx Norman Lamoot .Industry 
Minister, and the British Iron 
_and Steel .Consumers Council 
this week, agreed that problems 
faring the consuming industries 
should be subject to further 
joint study. 

. _ The British Steel Corporation 
has decided that, unlike 
Continental ' manufacturers, it 

wiH . no£ . increase its prices in 
April. 


Compulsory registration 
of data banks planned 


BY GUY De JONQUIERES 


THE Government announced 
plans yesterday to Introduce 
compulsory registration of 
public and private computer in- 
stallations which store and pro- 
cess personal information about 
individuals. 

An independent . registrar 
would he appointed to adminis- 
ter the system, which would be 
intended to prevent infringe- 
ments of privacy through the 
misuse of computer data. His 
decisions would be subject to 
appeal before a special tri- 
bunal 

The Government's long- 
awaited proposals, published in 
a Home Office White Paper, are 
designed to bring Britain into 
line with recent international 
agreements on data protection. 

The Home Office said yester- 
day that the necessary legisla- 
tion would be introduced “as 
soon as practicable.” It would 
take as long as two years to 
complete the registration of 
computer systems. 

Under the proposals, a public 
register would be established 
listing computer systems which 
process name-linked, personal 
information. Individuals would 
be entitled, on payment of an 
unspecified fee, to gain access 
to data concerning them. 

However, information related 
to national security would be 


exempted from the- legislation, 
as would certain types of data 
kept by police and law enforce- 
ment agencies in connection 
with the prevent and detection 
of crime. 

A registrar would be 
appointed with a staff of about 
20, Including computer experts. 
He would be independent of the 
Government and would report 
Penally to Parliament His de- 
risions could be reviewed by an 
independent tribunal, whose 
chairman would be appointed 
by the Lord Chancellor. 

As well as being responsible 
for registration procedures the 
registrar would have powers to 
inspect data files and require 
changes to computer systems. 
In extreme cases he could re- 
fuse registration, strike a sys- 
tem off the list and take legal 
actions against data users. 

It would be an offence to make 
a false statement to the regis- 
trar. to process information 
without being registered and to 
fail to comply with the 
registrar’s demands for Changes 
to personal files or to a com- 
puter system. 

The Government envisages 
that most such offences would 
be subject to rivil law, but it 
would be prepared to consider 
criminal penalties 

Data users would be required 


to observe a number of general 
principles to be embodied In 
the legislation. These would 
govern the nature of personal 
information stored, the purposes 
for which it is gathered, the way 
in which it is processed and the 
uses to which it is put 

The Home Office said more 
detoled regulations would prob- 
ably be needed to safeguard 
certain types of personal infer* 
mation, such as medical records. 

However, the White Paper re- 
jects as impractical the idea of 
establishing formal codes of 
conduct which would stipulate 
how the general principles 
should be applied in practice. 
This was recommended by the 
Llndop Committee on Data Pro- 
tection, which reported in 197S. 

This is the second White 
Paper to be published on data 
protection. The first was issued 
In 1975, but In spite of pressure 
from the Lindop Committee no 
legislation was Introduced. 

Since then tiie Council of 
Europe has prepared a conven- 
tion on data protection and the 
Organisation for Economic Co- 
operation and Development has 
published guidelines on privacy 
and trans-border data flows. 

Eleven countries. Including 
Britain, have signed the Council 
of Europe convention, but none 
has yet ratified at. 


Appeal Court says DPP ‘should 
investigate Clore tax case’ 


BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


THER E MAY have been a 
criminal conspiracy to defraud 
the Inland Revenue of tax due 
on the estate of. Sir Charles 
Clore, three Appeal Court 
judges said yesterday. 

“ This court feels vety 
strongly that the ' Revenue 
should ask - the Director of 
Public Prosecutions to investi- 
gate, ” the judges said. 

They also suggested tiie 
Revenue might seek appoint- 
ment of a receiver of the UK 
assets of Stype Investments 
f Jersey), which bad “spirited” 
out of England to Jersey tiie 
£20.5m proceeds of sale of Sir 
Charles’s -largest English asset, 
shortly after his death hi 1979. 

There was a grave possibility 
the object of getting- the money 
to Jersey had been to evade tax, 
they sail. . . 

Stype, owned by a Jersey 
settlement set up by Sir 
Charles, is believed to have 
assets worth about S2Sm tn 
England, frozen by court 
order. 

Its directors are Sir Charles’s 
executors — a French lawyer, 
a Swiss banker mid an Israeli 
accountant, and the Jersey 
manager of Lloyds. Bank Trust 
Company (Channel Islands), 


which holds all but one of the 
comp a ny’s 100,000 Issued 
shares for the settlement 
trustees. 

Sir Charles’s worldwide 
assets are estimated at about 
£40m, of which only about 
£4. 4m remains in England. The 
Revenue estimates that be- 
tween £29m and £39m Is due 
from the estate in income tax. 
capital grins tax and capital 
transfer tax. 

The court allowed the 
Revenue's appeal against a 
High Court judge’s refusal to. 
let it serve legal proceedings 
on Stype in Jersey, outride 
jurisdiction of EngWidi courts. 

The Revenue want Stype 
ordered to deliver estate 
accounts and pay about flSzn 
capital transfer tax on the 
£20.5m sate proceeds of the 
Guy's Estate in Herefordshire. 

That property had been, sold 
to Prudential Assurance Com- 
pany which, on Slype's instruc- 
tions, transferred the purchase 
money to Jersey. 

The court dis m iss e d the 
executors’ appeal against a 
HSgh Court ruling appointing 
the Official So tea tor as tem- 
porary admanflstrator of the 
Clore estate. The judges said 


the executors' appeal was “a 
sinister and time-wasting exer- 
cise.’’ 

Delivering judgment Lord 
Justice Tempi eman said that in 
the 12 months before bis death 
Sir Charles had been trans- 
ferring property out of England 
to avoid the onerous burden of 
English taxes. 

IQs death had been un- 
expected and had certainly been 
untimely as far as tax-avoidance 
was concerned. His executors 
must have been acutely con- 
scious of difficulties his death 
caused but there was no evi- 
dence they sought English legal 
advice. 

The judges held that the 
Guy's Estate proceeds were part 
of Sir Charies’e English assets 
and subject to English tax 
They belonged to Sir Charles’s 
personal representatives in 
England and to nobody else. 

By procuring tiie money's pay- 
ment to Jersey, Stype trans- 
ferred the right to the proceeds 
from EngHsb to Jersey personal 
representatives. If that were not 
the case the company would 
have no difficulty in transferring 
the £20.5m back to England, 
where it 'belonged. Stype had 
“ intermeddled ” unlawfully 


British Gas 


to undergo 

efficiency 

audit 


By Martin DWoon. . - 
Energy Correspondent 


Sales of commercial vehicles recovering 


BY JOHN GMFHTHS 


THERE ARE stronger signs that 
the long depressed UK com- 
mercial vehicle market Is 
recovering. 

Society of Motor Manufac- 
turers and Traders statistics 
show that sales rose by 6.3 per 
cent tn March to 21375 com- 
pared with the. same month a 
year earlier. First quarter sales, 
at 58319. show a 7.6 per cent 
improvement on the 1981 period. 

The biggest improvement is 
In the sector hitherto hardest hit 
by tiie recession: trucks of more 
than 3.5 tons. 


Sales m tis area improved in 
March by 19.6 per cent to reach 
5389, compared with 4.421 in 
March last year. However, the 
benefit has been mainly to im- 
porters. whose share of the 
heavy trade market rose sharply 
from 20.4 per cent to 25.5 per 
cent 

For the first quarter the heavy 
sector is running 3.6 per cent 
ahead of last year. But the im- 
ports grin during the period Is 
even more substantial — from 
208 to 30.X per cent 
Sales of car-derived vans 


were 5.5 per cent up in March 
at 6,636 but are showing a slight 
drop at 16,043 for <the quarter. 
Sales of medium vans and 
trucks were up by 3.1 per cent 
to 8,321 in March and are run- 
ning at 19 per cent for the 
quarter, mainly as a result of a 
January sales drive for Ford 
Transits. 

March also provided a major 
success for Ford. It acMeved 
more than a third of each mar-, 
ket sector, the first time for any 
manufacturer. 

Its Escort and Fiesfta vans took 


39.6 per cent of the car-derived 
market ; the Transit 35 per cent 
of medium vans — more than 
BL, Bedford and Dodge com- 
bined — while its A-s cries. 
Cargo and Transcontinental 
heavy trucks took 33.5 per cent 
The Cargo on its own took 29.5 
per cent, more than the Bedford 
(14.9 per cent) and Leyland 
Vehicles (8.9 per cent) shares 
combined. 

Total imports in March rose 
from 28.7 per cent to 29.1 per 
cent, and in the first quarter 
from 28.9 per cent to 30.9 


Vauxhall-Opel wins 10.8% market share 


BY JOHN GRIFFITHS 


VAUXHALL - OPEL had its 
highest - first quarter share of 
the UK new car market for 
five yews, according to statis- 
tics published yesterday by the 
Society of Motor Manufacturers 
and Traders.. 

Unit sales totalled 44,400, a 
23 per cent increase over the 
first quarter of 1981, giving the 
company a 10.8 per cent market 
share. This compares with total 
first quarter sales of 412,912, 
l.S per cent down on the same 
period last year. 

However, its share in Man*, 
together with that of two of 
its three UK-based rivals was 
depressed by the big sales push 
from Ford, which captured 
39.12 per cent of the month’s 
sales. Ford gained a record 
first quarter performance of 
33.8 per cent, close to its 
declared target of 34 per cent 
for the year. 

The Ford drive was believed 
largety responsible for a jump 
in total March sales, to 175,169 
from 161,530 last year — an 
8.4 per cent increase. Ford 
achieved its best>ever perfor- 
mance in Europe overall in 
March, its 162,700 sales repre- 
senting 147 per cent of the 
market 

• BL’s share was 16.43 per 
cent in March, conceded by the 
company .to be “disappointing.” 
It said the Ford push was 
largely responsible, but its 
first quarter sales of 16.65 per 
cent are now running about 3 
per emit below the 1982 target. 
Despite this, it got four models 
in the top 10 and has yet to 
feel the full benefit of Its new 
Ambassador model launched at 
the start of the month. - 

Talbot's share fell slightly in 


March compared with the same 
period last year, to 3£S per 
cent from 4.11 per cent, despite 
the launch of its new small 
hatchback, the Samba, which 
took 0.88 per cent of sales. 

However, Talbot said yester- 
day that orders for the Samba 
had far outstripped supply. 
Production at the plant in 
Poissy, France, has been raised 
from 450 a day to 650. It fore- 
casts that this month Samba’s 
share will be 2 per cent <*r 
more and lift its total market 
share back towards 5 per cent 

Datsun returned to the top of 
the list of traditional importers, 
taking a 5.04 per cent share in 


March and 5.38 per cent for the 
quarter. Japanese imports over- 
all in the first quarter are run- 
ning at 11.10 per cent, a fraction 
more than the ceiling of the 
Anglo - Japanese prudent 
marketing agreement 

VAG (VW-Audi) was de- 
moted to second place, but still 
ahead of Renault whose 9 
model was launched earlier this 
month. Renault hopes the 
model will capture 23,000 extra 
sales this year. 

The rapid rise of Volvo con- 
tinues. Its March sales of 6,318 
units were another record, 
giving it 3.5 per cent and 3.6 
per cent for the first quarter. 


when sales hit 14.843 — 29 per 
cent up on last year. 

VauxhaU's continuing high 
imports from the Continent to 
meet demand for its Cavalier 
contributed to the further rise 
of total imports. They stood at 
56.4 per cent in March (53.6) 
and 57.5 per cent (53.4) in the 
first quarter. 


Top 10 sellers in March were: 
Ford Cortina 23,167, Fiesta 
20,983, Escort 20,550, Austin 
Metro 11,318, Vauxhril Cavalier 
8£55, Triumph Acclaim 4^105, 
Volvo 300 3,523. Vauxhali Astra 
3,136, Austin Ambassadar/Prin- 
cess 2,976, Rover 2,737. 




UK CAR REGISTRATIONS 






1982 

_J L. 

March 

1981 

% 

Three months ended March 

1982 % W81 % 

Total UK produced 
Total imports! 

Total market 

74384 

98,785 

175,169 

4161 

5639 

loom 

74899 

8ft631 

161530 

46J7 

5343 

100100 

175591 

237521 

412772 

4248 

5752 

10050 

195,789 

224594 

4795*3 

4657 

5343 

10050 

Ford* 

BL* 

*8324 

28,776 

39.12 

1&43 

46,451 

37378 

28.76 

23 JOS 

139564 

68.758 

3350 

1655 

127,944 

86577 

3044 

2047 

General Motors— 
Vauxhali* 

Opel 

Other GM 

Total GM 

14,088 

596 

62 

14.746 

&04 

842 

12,488 

34no 

46 

15544 

773 

9.62 

41,480 

2.926 

141 

4454? 

1054 

1079 

29748 

6,703 

178 

36729 

658 

852 

Peugeot Group — 
Talbot* 

Citroen 

Peugeot 

Total Peugeot 

6.773 

%4Q2 

2^96 

11,771 

186 

6.72 

6538 

3568 

1715 

1 1521 

4.11 

732 

14598 

6547 

6,101 

27.446 

356 

655 

20534 

8.123 

5,003 

33560 

456 

7.98 

Datum 

VAG (VW-Audi) 
Renault 

Volvo 

Frat-Landa 

8,828 

7,561 

7,231 

6,138 

WM? 

5jB4 

432 

4.13 

3.50 

288 

9.752 

7,158 

8,921 

4,182 

5JJ93 

6A4 

443 

552 

259 

115 

22702 

23,953 

18540 

14543 

12566 

578 

550 

447 

359 

114 

28738 

19511 

21542 

11520 

15462 

654 

447 

5 JO 
2.74 
348 

I 5" froracom panto' Contbiantal atnoditn which are not inducted hi Hie total UK figure, 

t Includes imports tram all souras* Including can from .Continental associates of UK companies; 

” ■ - - Source; Society of Motor Manufacturers and traders 









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• - 




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■1 


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ik 1 


u 




INDEPENDENT management 
consultants are to cany out an 
efficiency audit of the British 
Gas Corporation as part of the 
Government’s drive to improve 
surveillance of the nationalised 
Industries. 

The consultants, .who have ‘ 
yet to be selected, will ' be 
jointly commissioned by the 
Department of- Energy and 
British Gas, the Government an* 
nounced yesterday. - 

The move is port of the Gov- 
ernment’s policy that all nation- 
alised Industries should be sub- 
jected to an efficiency audit at 
least every four years. 

The audits are generally car- 
ried out by the Monopolies and 
Mergers Commission; but Mr 
Nicholas Ridley, Financial Sec- 
retary to the Treasury, said last . 
November that outside manage- ■ 
meat consultants might be used, 
as they were in the private 1 
sector. 

This is the first time indepen- 
dent consultants are being 
called in. They are expected to 
be appointed by August and to 
complete their study by the end 
of the year. 

British Gas is one of the 
more profitable nationalised in- 
dustries. It is estimated to have 
made a current cost-account 
operating profit of around : 
£300m in the financial year just 
ended— after the. Government 
had creamed off some £400m in 
an excess profits levy. . 

British Gas has set .up 
separately two internal effi- 
ciency study units which will 
report to non-executive mem- 
bers of the board on the per- 
formance of Individual parts of 
the corporation. 

The Monopolies Commission 
has been asked by the Govern- 
ment to carry out audits of 
seven nationalised industries 
over the coining year. 

The most important of these 
is the National Coal Board 
audit. The inquiry will look 
at the NCB's efficiency and 
costs, including internal cost 
control, purchasing policies and 
appraisal and control of invest- 
ment projects. 

The other investigations are 
into the sewage services of the 
Anglian and North West Water i 
Boards, the Civil Aviation 
Authority, the Yorkshire Elec- 
tricity Board, the South Wales 
Electricity Board and Cale- 
donian M acBrayne. part of the i 
Scottish public transport sector. • 

The Monopolies Commission 
has already investigated fche 
Central Electricity Generating 
Board. British Rail’s south- 
eastern commuter services and 
the Severn -.Trent Water 
Authority. 

Alr/igside the efficiency 
audit, the Treasury is setting 
up a new public enterprise 
analytic unit to monitor the per- 1 
formance of the nationalised in-, 
dustries. 


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/Financial. Times Thursday April 8 1982 

UK NEWS - LABOUR 


APPOINTMENTS 


Tebbit says 
strike calls 


are being 
ignored 


By Brian Groom, Labour Staff 


STRIKE CALLS are being 
ignored * and “'wreckers” 
isolated as part of a profound 
change of attitude $a the 
shop-floor, Mr Norman Tebbit, 
the Employment Secretary, 
claimed yesterday. 

“The knowledge that a 
. manager Is willing to face up 
to a strike Is the most power- 
ful disincentive to time 
frivolous madcap «drnrr»g 
which made os an object of 
pity or derision,” he saftl in a 
Lent talk at St Lawrence 
Jcwiy.in the City of London. 

Managements . could now 
face up to strikes because 
workers had come to recog- 
nise t he identity- of Interest 
.between themselves and the 
management 

“Both want a successful 
prosperous company. Both 
need a successful and pros- 
perous company. Neither can 
do without the other.” 

Trade unionists realised 
that what was important was 
building up the company, not 
building up onion- head- . 
quarters and egos, it was die 
company, not the union, 
which paid the wage. 

‘This growing realisation 
is bringing about a profound 
change of attitude on the 
shopfloor. And I hope it Is 
bringing about , a new respect 
on the part of the manage- 
ment for the workforce on 
whom they depend*— and who 
depend on them.” he said. ' 

Mr Tebbit cited the seven- 
week British Airways ramp 
workers’ dispute at London 
Heathrow air .port as the 
kind of strike call which was 
falling on deaf ears. 

“The airline is in trouble. 
It lost £141m last year and is 
likely to lose more this year. 
The vast majority of its 
workers realise that tilings 
have got to change if their 
business Is -to survive.” 


TUC health unions plan stoppage 


BY DAVID GOODHART, LABOUR STM* 


ALL TUC unions in the health 
service are to stop work for one 
hour on the afternoon of Wed- 
nesday, April 14, in support of 
their joint 12 per cent pay .claim. 

However, one union, the Con- 
federation of Health Service 
Workers, has already threatened 
more extensive industrial 
action. 

The TUC Health Services 
Committee confirmed the deci- 
sion to hold- meetings in work- 
ing time. TEe unions have asked 
all members to participate in 
these meetings while providing 
emergency cover for patients. 

The Government’s pay offer 


averaging 4 per cent for 350,000 
ancillary workers and 6.4 per 
cent for 500,000 nurses and mid- 
wives has been rejected by aH 
14 unions on the Health Service 
Committee. 

The national executive of 
COHSE, which represents 
250,000 health workers, is 
already preparing a more exten- 
sive campaign of industrial 
action to support its claim for 
12 per cent and shorter working 
hours. 

COHSE said an action com- 
mittee had been set up to pre- 
pare guidelines on industrial 
action “which -will he within 


the long-established COHSE 
policy of maintaining patients' 
dignity and under no circum- 
stances placing patients’ lives 
or health at risk.” 


The NEC decision follows the 
Government's refusal to allow 
aifcitoation over the claim. Mr 
Albert Spanswack, general 
secretary of COHSE, said yester- 
day that the campaign would 
sun in 10 days’ time. Possible 
action included banning over- 
time and refusing to act for 
more senior staff or cany out 
non-nursing - duties. The cam- 
paign wfij involve nurses, 


ambulance staff, pharmaceutical 
staff and axtdllary staff. 

Mr David Williams, assistant 
general secretary of COHSE, 
said a ballot for strike action 
might be taken on April 23. The 
non-TUC Royal College of 
Nursing, with 190,000 members 
has a no-strike policy. But 
COHSE. with 145,000 nurse 
members, and NT3PE, with 
130.000 nurse members, has no 
such bar. 

Mr W illiams said the nurses 
were angry over pay, and 
arbitration would have been the 
only fair way to avoid industrial 
trouble. 


Crane drivers join port dispute 


BY DAVID GOODHART. LABOUR STAff 


THE PORT of Southampton — 
which has been work&ng nor- 
mally since January after a 
four-month dispute — is facing 
more trouble. 

A disagreement between 
dockers asd foremen flared up 
on Tuesday night when the 
foremen, struck in protest at a 
decision to appoint docker 
supervisors to make up a 
shortage of foremen. 

The dispute escalated yester- 
day when the management 
decided to dock the pay of 
several crane drivers who had 
walked but in sympathy -with 


the foremen. The crane drivers 
immediately banned aJl but 
8 am to 5 pm day shift work. 

Talks continued yesterday but 
there seemed little hope of a 
solution in time to save the 
night and early morning shifts. 
The disagreement is a foHow- 
ota from last year’s dispute. A 
deadline of March 31 was set 
to phase out the controversial 
system of doable shift writing 
by foremen bat no agreement 
has been reached between the 

two groups of workers- 
The port's 1,300 dockers are 
working normally although their 


insistence that the foremen 
shortages are not solved by more 
overtime has restricted the 
employers’ room for manoeuvre. 

The crane drivers have 
exempted the two requisitioned 
P&O ships due to leave today 
for the Falkland Islands from 
their strike. 

• Dockers’ representatives on 
the unofficial National Ports 
Shop Stewards’ Committee will 
call Dor an unofficial national 
one-day strike at the next 
meeting of the National Docks 
Committee of the Transport 
Workers on April 15. 


Massey sit-in 
hearing delay 


STRIKERS occuping Massey- 
Ferguson’s Coventry tractor 
plant in protest against 750 re- 
dundancies were given a breath- 
ing space against possible evic- 
tion yesterday. 

A High Court judge in Lon- 
don adjourned until next Wed- 
nesday, an application by 
Massey-Fexguson for possession 
of the plant The Society of 
Metal Workers later said it 
would give the union time for 
discussions with the company. 


Lucas plant day shift hit 


BY LORNE BARLING 
DAY SHIFT work at the Lucas 
Electrical starter motor plant in 
Birmingham has been halted 
by a strike of about 600 workere 
over the company’s refusal to 
pay wages to a group involved 
in a stoppage earlier this week. 

The dispute started last Fri- 
day when some manual workers 
refused to cover for 12 men who 
had left under a voluntary 
redundancy scheme. 

Production was affected on 
Monday when 80 workers walked 


out with further disruption on 
Tuesday because of a mass meet- 
ing at the plant at Shaftmoor 
Lane, Acocks Green. 

Lucas said that unions had 
now accepted the principle of 
covering for workers leaving the 
company. But a mass meeting 
yesterday voted to continue the 
stoppage until the 80 workers 
involved earlier had been paid. 

Another mass meeting will be 
held tomorrow. 


Tube train 


workers 
offered 5% 


By David Goodhart. Labour Staff 

THE LONDON Transport 
executive has offered a 5 per 
cent pay increase to unions 
representing its 15.000 Under- 
ground train workers. 

. The three unions in- 
volved — the National Union 
of RaUwaymeu, the Associ- 
ated Society of Locomotive 
Engineers and Firemen and 
the Transport Salaried Staffs 
Association— wiD he refer- 
ring the offer to their execu- 
tive committees. 

The offer, made at yester- 
day’s meeting of the joint rail- 
way negotiating committee, 
would include the possibility 
of a shorter working week 
and an e x tr a day’s leave to 
bring Tube train staff In line 
with bus workers. 

But those additional bene- 
fits will depend on LT 
overcoming its financial diffi- 
culties. The executive win be 
sending the unions written 
details of the offer. 

The unions tabled claims 
for substantial pay increases 
and shorter hours last month 
in line with the mainline 
British Rail claim. 


Council 
faces action 
in refuse 
service row 


By Brian Groom, Labour Staff 

TORY-CONTROLLED Wands- 
worth Council’s 6,000 wo rke rs 
have threatened industrial 
action in a row over proposals 
to allow private companies to 
collect refuse 

A mass meeting of members 
of the London borough's eight 
unions voted yesterday to begin 
industrial <m April IS 

if the council does not with- 
draw plans u> call tenders on 
refuse collection. 

Union leaders were last night 
meeting Mr Christopher Chope. 
the council leader, in an 
attempt to evert the confronta- 
tion. 

The form of the action will 
be left to individual unions. It 
is likely to involve selective 
strikes, but the 200 refuse 
workers may begin an all-out 
stoppage. 

Wandsworth Council is 
involved in the controversy 
over “privatisation’’ of services 
by councils following its deci- 
sion to give the contract for 
street cleaning to Pritchard 
Industrial Services. 

Pritchard has suggested that 
it could also perform the 
refuse service more cheaply 
than direct labour. This has led 
to the latest row. 


Call to Legal 
& General staff 


By Our Labour Staff 
LEGAL & GENERAL staff are 
being asked to support indus- 
trial action if the insurance 
company refuses to increase a 
" final ” pay-package which 
union officials daim is worth 
less than 11 per cent overall. 

Hie Association of Scientific, 
Technical and Managerial Staffs, 
representing half the company's 
5,000 staff, said the union re- 
jected an offer which would add 
8.5 per cent to basic salaries. 


Unilever regroups 
Agribusiness firms 


Businesses which previously 
reported individually to the for* 
mer animal feeds co-ordination 
of Unilever have been regrouped 
as Unilever Agribusiness Group 
—UK and Ireland. Chairman of 
the Group is Mr Michael 
Dowdall, who also retains the 
chairmanship of BOCM Sileoek. 
Mr Allan Price has become 
manag ing director of BOCM 
Silcock, and retains his appoint- 
ment as feeds director. Mr Brian 
Dale, chairman of Midland 
Poultry Holdings, will retire 
later this year when Mr Peter 
Sumner will be appointed manag- 
ing director, with Mr Dowdall as 
chairman. 

Hr 

Sir Brian Rellett is to relin- 
quish his post as a group manag- 
ing director of TUBE INVEST- 
MENTS on June 1, but will con- 
tinue as full-time chairman. Mr 
R. E. UUger, as sole group 
managing director, will be 
appointed additionally as deputy 
chairman. Mr M. L. G. Houghton 
will become deputy group manag- 
ing director, retaining responsi- 
bilities for the domestic 
appliance and cycle businesses. 
These changes will follow the 
retirement in May of Mr T. E. 
Barnsley, a group managing 
director. 

★ 

Mercantile House Holdings 
has formed MARSHALL ROUSE 
WOODSTOCK to offer a speci- 
alised service In financial 
futures, and Mr Jess Tigar has 
joined the Group and been 
appointed chief executive of the 
new company. Marshall Rouse 
Woodstock will draw on the 
money broking expertise of 
M. W. Marshall and the com- 
modity broking experience of 
Rouse Woodstock. The re- 
mainder of the hoard will he: 
Mr R. R. St. J. Barkshlre (chair- 
man), Mr M. J. Lw Kelly, Mr M. A. 
Knowles, Mr W. RradwcJI. Mr 
A. W. E. Sense, and Mr G. E. 
Serose. 

★ 

Mr John Holleywood, chief 
docks engineer, Southampton, 
has been appointed chief 
engineer of the BRITISH 
TRANSPORT DOCKS BOARD, 
from July. Mr Holleywood will 


enntinue to carry - nut the prin- 
cipal duties of chief dm-l.s 
engineer. Southampton. Mr 
Stanley Wylde has been appoin- 
ted docks engineer for the port. 


Mr D. C. Groom has boon 
appointed an assistant regional 
director at MIDLAND BANKS 
regional head office. City and 
London cast region. Previously 
he was a general manager's 
assistant of thr Bank’s cor- 
pnrale finance division. Mr 
M. W. Chapman lias been 
appointed assistant rogirou! 
director (operations) at the 

Rank's regional head office. 
London west region. Previously 
he was manager at the Rank's 
36 Old Bond Street branch. 

* 

Mr John F. Kirislon has lieen 
appointed divisional chief 
executive of the machinery and 
services division nf HALMA. He . 
now becomes chairman of the 
three operating companies with- 
in the division. The Standard , 
Engineering Co, S.E. Acccs- ' 
sories and Chemicals, and S.E. 
Leasing. He was managing 

director of Standard Engineer- 
ing. 

Mr K. C. Thurlow, has been 
appointed technical director nf 
JOHN DAVIS A- SON (DERBY), 
a member of the Doulton 
F.ngineering Group. He was 
technical manager. 

■+ 

The MeMURDO INSTRU- 
MENT CO has appointed Mr 
Groff Willingham as marketing 
director and Mr John R. Ash- 
man as technical director. Mr 
Willingham joins McMurdn. 
from the Plessev Group and Mr 
Ashman from AB Electronics. 
McMurdo is a member of the 
Louis Ncwmark Group. 

* 

Mr H. W. Jackson, has joined : 
the board of BRABY LESLIE as . 
a non-executive director. He 
recently retired as a full time 
executive of GEC but is retained 
as a consultant to the company 
and is an associate director of 
the holding company and a 
director of GEC Power Engi- 
neering. 


j.-- ■ . 

wmm 


:'?y 






MARCH QUARTERLIES 


AH eompmiw mentioned etuiacorpotetedm am Republic at South Atoka 


OOORNFDmUN GOLD MINING COMPANY LIMED 


ISSUED CAPITAL: TO.mO.OOO shares of R1 aach. fully paid. 

9 months 

' attended Otr. ended 1 ended 
31 / 3/1382 31 ( 12(1381 ‘ 31 / 3/1382 


(B“ OPERATING RESULTS: ’■ 
Gold: 

Ora milted (ft — ,„ _ 
Gold produced (kg) ' — 

' Ynridfa/tl -• ... _ - 
Price received (R/kg) — 


386300 36S.OOO 1,092.000 

2328.0 Z33J.7 8,783 S 

8.0 AO &0 

11.825 J3t2 88 ■ 12^41 


Revenue [R/t milled) 

■ Cost (R/t milled) _ _ — 


9*77 

51.02 


106450 

6037 


1DO90 

50.75 


Profit (R/t raSed] — — — — 

43.75 

5623 

50.15 

Revenue (ROOD'S) — — — — 
CosttROQOft) ----- 

34484 

18/573 

39.014 

18.434 

110,179 

55A18 

Profit (ROOOft)- - 

HMT11 

• 20580 

S4J61 

FINANCIAL RESULTS (ROOD'S): 

Utoridng profit: Gold— — — — • - 
• Net sundry revenue — — — — 

mmi 

2*17 

20580 

2572 

' 94.781 
7,544 

Profit before tax and Stale’s share 
of profit — — — — — — 
7kx and State's share of profit — 

18928 

7.672 

‘ 23,152 
7,157 

62305 

2*203 


Profit after tax and State's sham 
of profit _ _ M ~ — — 


11,156 


15.335 


38/197 


Capital expenditure • . ' 0,150 3.670 

Dividend— u . — 8,000 sjooo 

Loan levy refund (1875J — — - - 790 — 780 

TAX: Tho above figures provide, for the increased rate of tax on non-mining 
income and increased surcharges on *11 income announced by the Minister of 
Finance on 24 March ISSZ.Comparativefioures have been emended accordingly. 
DIVIDEND: A dividend (No. 50) of 80. cents (43L9Z407p) per share was declared 
on 8 December 1981 and was paid Id members: on 2 February 1982. 

CAPITAL EXPENDITURE: The unexpended balance of authorised capital ex- 
penditure a: 31 March 1982 was R126J million. 

SHAFTS: ... , - . . , 

No. 3 Shaft: Tha shaft was sunk 223 metres to a depth of 703 metres bsJow 
collac 

No. 3 Su&Vertfcal Shaft: Reaming of the reise-bonsd pitot hate down to 23 
Level bee been completed, and development work associated wrththe upper 
portion of the aheftie continuing. 

No. 3 Ventilation Shaft; Tha ventilation shaft, which ft being established from 
17 Level down to 31 Level, has been drilled and reamed to 23 Level, and the pilot 
hole forthe iwxt stage down to 27 Level is currently being drilled. 

On behalf of the board • 

C.T Fenton \ 

P.R.Jaxtftch J 

7Apj7f1982 ; 


Directors 


LIB ANON GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL; 7J937300 shares of R1 each.fuliy paid. 


OPERATING RESULTS: 

Gold: . 

Ore milted It) 

Gold produced (kg) - — — 

Yield (g/il 

Price received IRflcg) — . — 


Ott ended 
31/3/1983 


Qt tended 
31(1211331 


Smooths 

ended 

31/3/1982 


42UXM 

2,614.5 

6-Z 

T1JB6 


420.000 

Z5G2.0 

&r 

1Z28T 


1,260.000 

7/739.6 

*1 

12J517 


Revenue (R/t milted) — — — 
Cost tR/t milled) — — — — 


7135 

42.80 


81.13 

4U7 


77.08 

41A5 


Profit (ft/t nulled) - » -s - 


Revenue (ROOO'sl - — 

Cost (rood's]- 


Profit (ROOffis) 


FINANCIAL RESULTS rROOO's); 
Worktog profit: Gold-. — — — 

Net sundry revenue — — — — 


Profit before tax and Siam's share 
■ of profit ■- - 

TaxandStetfl'asha roof profit- — 


Profit after tax and State's share 
of profit — — — — — — 


’ 30-55 

39L8t 

3591 

30,808 

17^76 

34.034. 

17.375 

97.089 

5221ft 

12L832 

16.719 

.<4270 

12X2 

2J5* 

16.719 

2,009 

44870 

6,097 

i5^ao 

3^00 

18,728 

5.848 

50967 

16282 

11,190 

* JZ880 

34^85 


Capital ffltpeadfluw 6 * 917 ' gg.- ■’jgj 

Dividend “ 6JS0 6350 

Loan levy refund 11975) — — — 7“- . , 

TAX: Tha above figures provide for the increased rate oftsxon norwntning 
incomo and increased surcharges on an income anrwun ced by the Mjmity of 
Financa on 24 March 1982!. Comparative figures have been amended accordingly: 
DIVIDEND: A dividend (No. 62) of 60 cents (43.92a07pl par stare w» declared 

on S December 1981 and wb» paid to membereon 2 rttKuaiYT»2* 

CAPITAL EXPENDITURE: The unexpended balance of autbodaad capHal ex- 
pendilure'atSt March 1982_waaR79.1 million. ■ . 

ND^tSftaft: Preliminary sinking was completed lo fiO metres befoWcoHat; 
winding machinery and Mw Biaflo are being MNMrn : fcr 
' permanent sinking. Work on the surface layout and buildings Is continuing, 

. No. < Sub- Vertical Shaft: Equipment for permanent winding is bring installed. 

No. 4 A Santa Shaft: Theehaft Keohmorlc has been compteted»rtotheheadgear 
portion is being equippedforpwmsnanrwinding- 
• •• On bebatfoflha board 

. . ft R. Janiscft \ Directors — • 

- &L Fenton J - 

7 April 1892 


DRIEF0NTE1N CONSOLIDATED LIMITED 


ISSUED CAPITAL: 94^38.000 ordinary shares of RT each.fuOy paid. 

Smooth* 


OPERATING RESULTS: 

Gold-East DriafontaiiK 
Ore milled M — — — — — 
Gold produced (kg) — — — 

Yield (g/t) _ — 

Pries received ffi/kg) — — — 


Revenue (R/t milted) — — — 
Cost (R/t milted) - - - - 


Profit (R/t rnTBed) — — — — 


Revenue (ROOD'S) — — — — 
Cost (Rood’s | 


Profit (Rood's) . 


Gold-West DiWbnfein: 
Ore milled ft) _ — 
Gold produced (kg) 

Yield (g/t) 

Price received (R/kg) 


Revenue (R/t milled) 
Cost (R/t milled) - 


Profit (R/t milled) — — — — 


Revenue (ROOObl — 
Cost (ROM'S) .. - 


Profit (ROODS) — — - — - 


Uranium Oxide: 

Pulp treated (t) — 

Oxide produced (kg) 
Yield (kg/t) - - 


Financial results (rood's): 

Working profit: Gold- — — — 
Profit on sale of Uranium Oxide 
and SuiphuricAdd — — — 
Net tribute royalties and sundry 
mining revenue — — — — 


Net mining revenue — — — — 
Net non-mining revenue (group)— 


Profit before tax end State's share 
of profit — — — 

Tfex and State's share of profit — 


Qtcendad 

31/3/1982 

Qte ended 
31(1211981 

ended 

31/3T1S82 

705.000 

9^00S 

12-8 

11JI73 

705.000 

5883.0 
_ 12.6 

13,147 

2315300 

283163 

12.7 

12329 

15739 

4X65 

16638 

42.75 

15923 

4215 

10833 

12323 

11638 

107,154 

30380 

117.018 

30.138 

338282 

91262 

781374 

80880 

245320 

720.000 

10300.0 
142 

11370 

720000 

10080.0 

140 

13271 

2,155300 

302923 

14.1 

12335 

16730 

4933 

ias.ii 

48.45 

77834 

48.60 

117.07 

137.66 

12734 

120243 

35350 

134,000 

34884 

'380342 

104,740 

84293 

90116 

275.702 

321300 

58365 

0.182 

330900 

57JB1S 

0170 

998200 

180354 

0.181 

160387 

185398 

521222 

1347 

Z448 

630 

2390 

0421 

8391 

185204 

18,185 

191265 

15121 

536302 

46238 

183389 

106304 

206986 
. 125178 

583340 

346313 


Profit after tax and State's share 
of profit — — — — — 


78A85 


31308 


236X7 


Capital expenditure — — — — 
Dividend— — . _ — — — — 
Loan levy refund (1975) — — — 


1&S3S 

5J56 


15380 

94,538 


51,165 
94.638 
S3 55 


TAX: The aberre figures provldo for fta increased rate of tax on rxxv-mming 
* income and increased surcharges on ell income announced by the Minister of 
Rna/x»oo24MarchlS82.Comparativefiguros have been amended aceonfingly. 


- DIVIDEND: A dividend (No. 17) erf 100 cents (54 J0908p) per share Wes declared 

on 8 December 1931 and was paid to mem hers on 2 Fabm ary 1382. 


CAPITAL EXPENDITURE: The unexpended balance of authorised capital w 
penditure at 31 March 1982was R207^ million. 


SHAFTS; , . 

No.^SubVertlcal Shaft- E:Thashaffw3? sunt 45 mriresto a depth of430 metres 
below coHat Excavation Of 24 iovri station is in progress. 


No.s Shaft-E: The civil wodcetlhe shaft Is naaringcon^riiition and pennaaetit 
sinkiagwillitoiTuneQcesluutty: . . 


7 April 1982 


Onbahalf of the board 

^Pjurnbrid^} Hrettois . 


DEELKRAAL GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 39340200 sharosof 20 cents each, fully paid. 




15 months 


Otr. ended 

Otr. ended 

ended 


31/3/1982 

31(12(1981 

31/3/1982 

OPERATING RESULTS; 




Gold: 




Ore milled (t) — — — — — 

315.000 

306000 

1326300 

Gold produced (kg) — — — 
Yield (g/t) — — — — — — 

1382.4 

43 

12941 

4.6 

63173 

4-5 

Price received (R/kg) — — — 

11303 

1Z310 

1ZJ43 

Revenue (R/t milled} — — — 

S5J2 

60J9 

57.13 

Cost (R/t milted) — — — — 

4933 

4957 

4736 

Profit (R/t mitlod) — — — — 

539 

1122 

1037 

Revenue (ROOD'S) — — — — 

17352 

15602 

87,174 

Cost (ROOD'S) — — — — — 

15397 

15170 

71308 

profit (moo's) - - - - - 

1355 

5432 

15368 

FINANCIAL RESULTS (ROM's) : 




Wortong profit: Gold— — — — 

1355 

3,432 

15386 

Ket sundry revenue — ^ — 

829 

849 

3368 

Total Profit — — — — — — 

2384 

4281 

18335 

- Capital expenditure — — — — 

4397 

4255 

13.727 

Loan levy refund (ls/6) — — — 

56 

— 

56 

1 CAPITAL EXPENDITURE: The unexpended balance of authorised capital ax- J 

pendituro «3l March 1982 wbs R333 million. 



On behalf of the board 



C.T. Fenton \ 
P.Rjanlsch / 

Directors 


7 April 1982 




VLAKFDN1HN GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 6300000 shares of 70 cents each.fuliy paid. 




15 months 


Otr. ended 

Ott ended 

ended 


31/3/1982 

31/12/1981 

31/3/1982 

OPERATING RESULTS: 




Gold: 




Ora milled: 




from surface dumps (t) — — 

102,117 

99347 

490340 

from outside sources (t]_ — 

88383 

92.153 

433,760 

total mated W — — — — 

192300 

132.000 

324300 

Gold produced (Ire) — — — 

236.1 

233.5 

1385.7 

Yield (g/t) - 

12 

12 

13 

Price received (R/kg) — — — 

12200 

13.151 

12.787 

Revenue IR/t milled) — — — 

1534 

1535 

1535 

Working cost (R/t milled) — — 

935 

1027 

937 

Rode purchased (R/t milled) — 

328 

3.61 

291 

Profit (R/t mined) - — - - 

131 

2.07 

3.08 

Revenue (ROOD'S) — — — — 

2388 

3.061 

13911 

Working cost (11000's) — — — 

1392 

1372 

8383 

Rock purchased (RtXXtfs) — — 

630 

692 

2385 

PTOfit (ROOD'S) - - - - - 

38S 

397 

2343 

FINANCIAL RESULTS (ROOD’S): 




Working profit: Gold— — — — 

366 

397 

2343 

Net sundry revenue — — — — 

426 

393 

1,449 

Profit before tax — — — — — 
■fex: 

792 

730 

439Z 

Formula tax - — — — — 

175 

210 

1.62Z 

Non-mining tax — — — — 

121 

111 

430 

Excess recoupments lax — — 

9 

4 

161 j 

Profit after tax — — — 

487 

46 5 

2.0Tft 

Net recoupments of surface capital 




expenditure — — — 

1 

4 

323 

Dividend— — — — — — — 

_ 

900 

■1.500 

Loan levy refund (1975) — — — 

75 


75 

TAX: The above, figures provide for the increased 

rate of tax on non-mining 1 

income and Increased surcharge* on all income announced by the Minister of 
jTjianceon2ftlAarch198ZComparaiive figures have been amended accordingly. 

DIVIDEND: A dividend (No. 74) of 15 cent* (8L23576p) per share was declared on 

S December 1981 and vnae paid to members on 2 February 1982. 


1 CAPITAL EXPENDITURE: There were no capital expenditure commitments at I 

On behalf of tha board 



P.FLJanseft \ 
(Lt Fenian S 

Directors 


7 April 1982 





NOTE; 

Copies may be obtained from the United Kingdom Registrar: 
Close Registrars Limited, 803, High Road, Leyton, London, EJ0 7AA 


KLOOF GOLD MINING COMPANY LIMITED 

ISSUED CAPITAL: 30240,000 shaiesorM eadh.fulty paid. 


9 months 


OPERATING RESULTS; 

Gold: 

Ore milled ft) 

Gold produced (kg) — — — 

Yield (g/t) 

Price received (R/kg) — — — 


Revenue (R/t milled] — — — 
Coat (R/t milled) — — — — 


Profit (R/t milted] — — — — 


Revenue (ROOD'S) — — — — 
Cost (ROM's) - - - — — 


Profit (ROOD'S) 


FINANCIAL RESULTS (ROOD'S): 

Working profit: Goid_ _ _ 

Recovery under loss of profits 
insurance — — — — — — 
Net sundry revenue — — — — 


Profit before tax and Stare's share 
of profit — — — — — — 
Tax and Slate's share of profit — 


Otr. ended 
31/3/1982 

Otr. ended 
31(12/1981 

ended 

31/3/1982. 

424300 

63W.6 

143 

11314 

485.000 

7226.5 

149 

13276 

1.429300 

21.1193 

143 

12380 

17534 

6536 

198.18 . 

' 53.57 

■ 18638 
5630 

110.18 

14461 ' 

129.78 

74.470 

27,752 

96115 

25,360 

266937 

80.876 

46.718 

70.135 

185.461 

.46318 

70.135 

185381 

3.600 
5.780 * 

5286 

3.600 

15318 

56,098 

27360 

75.47/ 

■4Z453 

204379- 

115380 


Profit after tax and State's share 
of profit — — — — 


28,138 


32.368 


89,119 


Capital expenditure — — — — 
Dividend— — — — — — — 
Loan levy refund (1975) — — — 


10,596 


598 


10LSS7. 

36388 


28.042 

36^88 

598 


TAX: Tha above figures provide for tho increased role of tax on nan-mining 
income and increased surcharges on all income announced by the Minister of 
Finance on 24 March lS82.Comparaiiva figures have been amended accordingly. 
DIVIDEND: A dividend (No. 24) of 120 cords 155. 8861 Op) per share was declared 
on 8 December 1981 and was paid to members on 2 February 1982. 


CAPITAL EXPENDITURE: The unexpended balance of authorised capital ex- 
penditure at 31 March 1982 was R170.6 million. 


PRODUCTION: As reported in the press on 22 February1982, milling operations 
were brought to a standstill on 20 February 1982 as a result of afire which caused 
considerable damage in the substation serving the milling section of the gold 
recovery plant. Milling operations were resumed a week later under manual 
control. Mining operations were not affected by the fire and ore was stockpiled 
until milling operations were resumed. 

SHAFTS: 

No. 3 Sub-Vertical Shrift Tlw shaft was sunk 133 metres to 35 Level, a depth of 
817 metres below collar. 


No. 3 Sub-Vertical Ventilation Shaft: The shaft was sunk 88 metres to a depth 
of 118 metres bolow collar. 


7 April 1982 


On behalf of tho board 
C.T. Fenton 1 
P.R,Jenisch J 


Directors 


VEOTERSPOST GOLD MINING COMPANf LIMITED 

ISSUED CAPITAL: 5,050,000 shares of R1 each, fully paid. 


9 months 


OPERATING RESULTS: 

Gold; 

Ore milled (t) — — — — — 
Gold produced (Kg) — — — 

Yield (g/l) 

Price received (R/feg) — — - 


Revenue (R/r milled) — — — 
Cost (R/l milled) — — — — 


Profit (R/t milled) — — — — 


Revenue (ROOffs) 

Cost (ROOD'S) 


Profit (ROOD'S) - 


Otr. ended 
31/3/1982 

C-K ended 

3 Ji 12(1981 

ended 

31/3/1882 

375.000 

1335-1 

4.1 

11379 

375.000 

1.440.7 

39 

13,271 

1399.000 

43973 

4.0 

12388 

49.15 

45.23 

51.09 

4189 

50.49 
45 08 

3.92 

720 

5.43 

18,430 

16362 

■ J5> 760 
16.459 

55388 

4932S 


1.468 


Z70T 


5,963 


FINANCIAL RESULTS IROOffs): 
Working profit: Gold — — 
Profit on sale of pynte — , 
State assistance — — — 
Net sundry revenue — — , 


Profit before tax — — 
Tax (non-mining)— — — 


Profit aftertax 



Z701 

12S 

297 

880 


5*963 

335 

1.395 

2.780 


4.003 

424 


16473 

141* 


0579 


9,169 


Capitol expenditure — — — — 
Dividend- — — — — — — 
Loan levy refund (1375) 


1.TO 


144 


1.93S 

7*768 


42*1 

1,768 

144 


TAX; The above figures provide forthe Increased rata Of tax and surcharge an 
non-mining income announced by the Minister of Finance on 24 March 1981 
Comparative figures have been amended accordingly. 

DIVIDEND: A dividend (NaB3) of 35 cants (10.21678P) per sham was doctored on 
S December 1981 and was paid to mem bora on 2 February 1882. 
capital EXPENDITURE: The unexpended balance of authorised capita) ex* 
pendituro at 31 March 1882 wbs RS.2 million. 

Oft behalf of the bond 
P.fUanisch *> 

T«awt * 




1 




f O H« Hi«( «! n 61 M tft rt“rt M CJ.*rt r 1 1< nMjkH. 




10 


Financial Times Thursday April 8 1082 . 


UK NEWS - PARLIAMENT and POLITICS 


Callaghan broadside on Falklands stuns Tories 


Commons Sketch 


BY IYOR OWQ4 



SHAKEN Government sup- 
porters listened in stunned 
silence in the Commons last 
night as Hr James Callaghan, 
the former Labour premier, 
challenged the ability of Mrs 
Margaret Thatcher to exercise 
the authority of her office as 
Prime Minister in view of the 
blunders which led to Argen- 
tina’s invasion of the Falkland 
Isl ands. 

In a devastating speech from 
the Labour back benches he 
suggested that Mrs Thatcher 
should call upon a senior Con- 
servative Privy Counsellor — 
most MPs seemed to think he 
had Mr Edward Heath in mind 
— to head a high-powered inner- 
Cabinet Charged with the speci- 
fic task of co-ordinating the high 
level diplomatic and naval and 
military initiatives now re- 
quired. 

Mr Callaghan accused the 
Prime Minister of having com- 
mitted a “gross blunder” in 
misjudging the necessary 
reaction to intelligence reports 
that Argentina was planning to 
invade the islands. 

While accepting that it was 
in the national interest for 
MPs to display their united 
resolve to secure the return of 
the islands Mr Callaghan 
insisted: “I also feel it is the 
responsibility of this House to 
declare its judgment on those 
who sit on the Government 
front bench." 

As the Prime Minister sat 
grim faced her predecessor in 
office declared: “I say to her 
there cannot be business as 
usual." 

Calling for the appointment 
of an Inner-Cabinet Mr Callag- 
han maintained that the 
Government did not have the 
experience to handle the grave 
issues at stake. 

Mr Heath sat impassive end 
silent as Mr Callaghan, without 
mentioning any names, sugges- 
ted that there were several 
senior Tory Privy Councillors 
whom the Prime Minister 
should now invite to take up 
senior position? in the Govern- . 
ment. 

Mr Callaghan deepened the 
gloom on the Government 
benches with a penetrating 
analysis of the events leading 
up to the seizure of the islands, 
and an exposure of confusion 
(among senior ministers over 
the objectives of the naval task 
force sent to the South Atlantic. 

The former Labour leader 
seized on a key phrase used by 
Mr Francis Pym. in his first 
speech as Foreign Secretary, in 
which he spoke of the Govern- 
ment’s Intention to return the 
Islands to “British administra- 
tion" at the earliest possible 
moment 

Mr Callaghan’s demand that 
the Goverment should make it 
dear whether it equated 
“British administration " with 
“ British sovereignty " em- 
barrassed Mr Pym and twice 
brought the Prime Minister to 
her feet— she had not intended 
to speak in the debate — in un- 
successful attempts o clarify the 
issue. 

Mr Pym explained that in 



Mrs Thatcher leaving No 10 
for the Commons yesterday 


using the term “ British 
administration” he had been 
quoting from the speech made 
by the Prime Minister in last 
Saturday’s emergency debate. 

He suggested that the term 
had been used “ advisedly," and 
acknowledging the fact that be 
took charge of the Foreign 
Office only 48 hours earlier 
added; “ Within two days I 
am not competent to make a 
precise definition of any 
difference there may be.” 

The Foreign Secretary's 
ambiguous response— made after 
he had been enthusiastically 
cheered by Tory MPs for an 
impressive first speech as 
Foreign Secretary, plunged the 
Government’s supporters into 
deeper gloom. 

Alter further auestions from 
Mr Callaghan Mrs Thatcher 
intervened to insist that 
despite Argentina's invasion she 
still regarded the Falkland 
Islands as sovereign British 
territory. 

Mr Callaghan argued that she 
bad not faced up to the 
implication that the concept- of 
“ British administration ” was 
consistent with ceding 
sovereignty as part of a “ lease 
back” deal. Such a deal bad 
already been rejected by the 
islanders. 


He insisted: “I believe the 
House wants to know what is 
our objective in this particular 
matter on which we have set 
the Royal Navy." 

Mrs Thatcher then gave an 
assurance that the wishes of the 
islanders “must be paramount.” 

Mr Callaghan persisted in Ids 
view that the House had not 
been given a satisfactory 
explanation, and highlighted the 
Prime Minister’s uncertainty by 
commenting on the efforts being 
made by Tory MPs to throw a 
protective cloak around her. 

Mr Pym opened the debate 
with an appeal to MPs to shelve 
their criticisms of the Govern- 
mraf’s handling of the events 
which led up to the invasion 
and to unite behind the objec- 
tive of securing their freedom 
from occupation at the earliest 
po«F>hle moment. 

“ To do this we must look for- 
ward in confidence and not back- 
wards in aneer,” he declared. 

The Government’s nurnose. hp 
said, was to restore th« riehts of 
tbe islanders, who had been the 
victims of the "unprincipled 
opportunism of a morally bank- 
runt regime.” 

Mr Pym said the Government 
was confident that the task 
force despatched tn the Houth 
Atlantic was fully adequate for 
any action that might be re- 
quired in exercise of Britain’s 
undouted right of self-defence 
under the United Nations 
charter. 

Emphasising the important 
role the task force was expected 
to play in backing diplomatic 
initiatives he said: “It gives 
us the strength from which to 
urge a settlement, and in the 
end it may only be strength 
that the regime in Argentina 
will understand." 

Mr Pym assured MPs that the 
maximum diplomatic effort 
would be made during the 
period before the task force 
reached the South Atlantic. 

“We would much prefer a 
peaceful settlement" tie 
stressed. “We will do all we 
can to get one." 

Mr Pym emphasised that 
Britain would welcome support 
from all friendly countries to 
achieve a peaceful outcome. 

“ The House and the country 



David Steel 


Denis Healey 


should be in no doubt about 
that. But if our efforts fail the 
Argentine regime will know 
what to expect — Britain does 
not appease dictators.” 

Mr Pym underlined the fact 
that Britain had immediately 
accepted the injunction to seek 
a diplomatic solution contained 
in the resolution approved by 
the United Nations Security 
Council.- 

He appealed to world opinion 
to bring Argentina to accept- 
ance of the fact that the reso- 
lution was mandatory and bind- 
ing in international law. 

' Highlighting the role of the 
international community In up- 
holding the principle of self- 
determination he said it was 
the Falkland Islanders who be- 
ing deprived of their right to 
live in accordance with their 
wishes. 

To cheers- from both sides of 
the House Mr Pym warned: “ If 
the world does not oblige 
Argentina to restore their 
rights, tomorrow, it will be 
someone else's turn to suffer 
aggression and occupation. 

“ The world will become an 
even more dangerous place." 

While reaffirming that .the 
Government's objective was to 
liberate the islands Mr Pym told 
MPs that it would be a “far 
from easy ” task. 

Mr Denis Healey. Labour's 
shadow Foreign Secretary, 
angered Tory MPs by linking 
his congratulations to Mr Pym 


on the vigour of his first speech 
as Foreign Secretary with an 
oblique forecast that he might 
soon be replacing Mrs Thatcher 
as Prime Minister. 

There were protests from 
Tory MPs when he said: 11 Each 
of us may have his own views on 
how long Mr Pym will bold his 
new office and where be will go 
when he leaves it." 

Mr Healey said he was puzzled 
by the way in which tbe Prime 
Minister could applaud the 
sense of honour wtiicb had led 
Lord Carrington to resign from 
his post as Foreign Secretary 
and yet remain oblivious to the 
fact that honour required that 
she should take the same 
course. 

Mr Healey contended that 
the Government’s actions over 
recent dionlhs had amounted to 
an open invitation to Argentina 
to invade the Falklands Islands. 

To Labour cheers he declared: 
“ If any British Government had 
behaved in this way on a vital 
British interest 200 years ago 
the Prime Minister would have 
been impeached." 

Pointing an accusing finger at 
Mrs Thatcher he stormed: ” She 
has chosen to stay, but from this 
moment on she Has no moral or 
political right to ask the Oppo- 
sition to give her a blank 
cheque." 

Mr Healey claimed that in the 
current situation no responsible 


thought and action to a Prime 
Minister who had demonstrated 
so monumental a lack of judg- 
ment 

But Mr Healey promised that 
the Opposition would observe 
its duty to the nation. 

“We shan fulfill - it as Mr 
Foot did in Saturday's debate 
when he spoke for Britain as a 
whole and was praised for doing 

so by nearly every speaker from 
the Conservative benches.” 

Mr Healey's emphasis on the 
need to puisue a diplomatic 
solution aroused the suspicions 
of Tory back benchers and 
brought a challenging question 
from his own side of the House. 

Mr Robert Hellish (Lab, 
Bermondsey) — the party’s for- 
mer Chief Whip— wanted to 
known what would happen if a 
diplomatic solution had not 
been achieved by the time the 
naval task force reached its 
destination. 

“Are you then saying we 
should turn round and go 
home?” Mr Healey did not re- 
spond. 

Government supporters stirred 
uneasily when Hr John Peyton 
(Con. Yeovil) dwelt on tbe 
formidable difficulties facing 
the nation in recovering from a 
situation which had been the 
cause of " sorrow, shame and 
anger." 

He insisted that it was the 
duty of the House to take 
account of the mounting and 
growing dangers associated with 
the freeing of the Falkland 
Islands. 

Hr David Steel, the Liberal 
leader, said his party was sup- 
porting the Government “ with 
the aim of safeguarding the 
rights and freedoms" of the 
1,800 British citizens of the 
Falkland Islands. But he made 
it clear that the Liberals’ sup- 
port was not unconditional. 

Our objective, he .sadd, “must 
not be to have a bloody battle 
over the recovery of imperial 
territory" much of which might 
be destroyed in the process. 
Britain's responsibility, he 
stressed, was to the people of 
the Falkland Islands not to “an 
isolated territory.” 



fire rakes 
Thatcher 
front bench 


James Callaghan: Conserva- 
tive Privy Councillors should 
mko responsibility for crisis 
management 


term the Government most look 
for some •'realistic" solution to 
the problem of the Falkland 
Islanders. 

Once the islands had been re- 
turned to British control, the 
Government would be. he said, 
right to discuss quite openly 
the questions of either making 
the islands into some kind of 
condominium, or arranging a 
sale and lease back deal with 
the Argentinians. 

Mr Richard Luce, the former 
Foreign Office Minister of State 
who resigned over the crisis, 
said he approached the debate 


with the greatest humility.’ 
But he insisted that only hind- 
sight showed that the handling 
of events leading up to the inva- 
sion was wrong. 

*' I can only say, irrespective 
of whatever judgments will be 
made by the country — and the 
country is entitled to make them 
—I do not see in the circum- 
stances of the time that my 
friends and I would have made 
any different delusions. I havo 
to say this in all honesty. 

With the support of all parties 
in the House, and with the sup- 
port of the country, the Gcvem- 


—r — — Mr Steel, who. began b» . - 

Opposition could be expected to speech by paying tribute to Lord • ment bad to secure the with 
surrender its freedom of Carrington, said that in the long drawal of the Argentines and 


Benn’s recall fleet call embarrasses Opposition leaders 


HR TONY BENN (Lab 
Bristol South East) called for 
the immediate recall of the 
task force. British servicemen 
were being put at unjustifi- 
able risk in ah exercise. whose 
risks greatly exceeded any 
advantage which might be 
gained, he said. 

Labour's front bench sat in 
embarrassed silence while Mr 
Benn repeated the arguments 
which the Labour Party has 
already rejected at meetings 
throughout the week. 

He said Britain, in prepar- 
ing a counter attack on the 
Argentine forces, stood, to lose 
the international support so 


carefully garnered for the 
UN Security Council vote. 
The Security Council, while 
ready to support Britain in 
condemning Argentina, was 
unlikely to support it in a 
counter attack. 

In particular. Britain 
should not count on the sup- 
port of the United States- in 
such a venture, he warned. 

“President Reagan will be 
bitterly hostile to any act of 
war against Argentina because 
his power rests on the rotten 
military dictatorship of Latin 
America.” he- said. 

The U.S^ possessor of the 
biggest arsenal in tbe world* 


had been powerless to rescue 
its own hostages from Aya- 
tollah Khomeini’s Iran. 

The Prime Minister was 
“ mad ” if she thought- 
Britain had any more ehance 
of success in rescuing the 
2,800 Falkland Islanders. 

She was more likely to 
share the humiliation of 
President Carter, who saw his 
successor reap the rewards of 
the eventual release of the 
hostages. 

Mr Benn pressed the Prime 
Minister to declare unequi- 
vocally whether she was 
determined to reestablish 
British sovereignty in the 


islands, or whether any sove- 
reignty acceptable to the 
islanders would be acceptable 
to Britain. 

The House had a right to 
know what the task force was 
being sent to do, and whether 
there was any possibility of 
It being called on to attack 
mainland Argentina, a possi- 
bility not excluded by the 
Defence Secretary, Mr Nott, 
in a weekend television inter- 
view. 

He called on the Prime Min- 
ister to assure the House that 
none of the fleet carried 
nuclear missiles, whether or 
not it was intended to use 


them. 

“ The Government could he 
involving the country in a 
major war." he added. 

The over-riding: -priority 
should be given to protecting 
tbe islanders, who should be 
evacuated and resettled, or 
offered the protection of a 
UN peace-keeping force while 
a local administration was set 
up which could protect them 

If they were threatened 
with the possibility of British 
armed forces landing to 
resene them, there might be 
no islander^ left to consult 
on what sort of future they 
wanted, he said. 


“ the restoration of the right of 
the islanders to chose their own 
way of life and allegiance.” 

Dr David Owen (SDP. Ply- 
mouth Devon port) launched a 
stinging attack on Mr Tony 
Benn, accusing him of shrug- 
ging off the responsibility for 
decisions taken by the Govern- 
ment of which he had been a 
member. 

Mr Berm had fully supported 
the Callaghan Government's 
decision to send ships to the 
Falklands area in 1977, and bad 
accepted that this was neces- 
sary. in order for Britain to 
negotiate from a position of 
strength. 

Dr Owen challenged Mr 
Benn to explain why he found 
this argument so indefensible 
now, when he had supported it 
on an occasion when it had 
been vindicated by events. 


AFTER a couple of years In 
mothballs, that old dread* 
‘ nought ' Jam« * Callaghan 
came sailing back into action 
yesterday rating Mrs 
Tatcher and the Government 
front bench with a withering 
fire. 

The former Labour Prime 
Minister who rose from the 
lower deck to become- a com- 
missioned officer In the Navy, 
seized on a weak spot In the 
Government’s defences In the 
opening stages of the Falk- 
lands debate. 

Mr Francis Pym, in his first 
speech as the new Foreign 
Secretary, declared: “We in- 
tend to see that the Falkland 
Islands are freed from occu- 
pation and returned to 
British administration at the 
earliest possible moment." 
This apparently -innocuous 
phrase turned out to be a 
dangerous mine which blew 
up under the Prime -Minister 
and Mr Pym with shattering 
effect. 

Mr Callaghan wanted to know 
why the Government was now 
talking about restoring 
“ British administration * 
rather than British sover- 
eignty. 

He noted that the Prime 
Minister had -used the same 
phrase on Saturday and he 
suggested that she or the 
Foreign Secretary should 
clarify the position' imme- 
diately. 

With some hesitation Mr Pym 
rose and said that he was 
quoting the phrase “ adminis- 
tration " which the Prime 
Minister had used advisedly. 
Rather lamely he admitted 
that after only -two days in 
his job he was not competent 
to make a precise definition. 
At (his si age the signals be- 
tween Mrs Thatcher and the 
Foreign Secretary seemed to 
be getting a bit muddled up. 
The Prime Minister could be 
overheard muttering “sew 
eignty. sovereignty.” 

But when she was goaded by 
Mr Callaghan into making a 
personal intervention she 
merely reiterated that Britan 
: still had rightful sovereignty 
. over the Falklands and failed 
to clarify whether the objec- 
tive of the naval task force 
was to get that sovereignty 
back. , 


Magisterial 


Anxious days at the Foreign Office £ ords told , 

J Government 

‘mistaken 5 


Br DAVID TONGE, DIPLOMATIC CORRESPONDENT 


THESE ARE anxious days for 
the Foreign Office. 

The sadness over Lord 
Carrington’s resignation per- 
sists. It hung like a cloud over 
the party he gave on Monday 
to introduce his successor, Mr 
Francis Pym. It continues 
today. 

Even the most hardened of 
Britain's world-weary diplomats 
had been won over by his 
foppish wit and quick eye. 

“He was good, possibly 
great," says one of the men 
close to him during the past 
three years. "He gave Britain 
credibility; Che world's leaders 
wanted to see him,” says 
another. But already the period 
of mourning is drawing to an 
end. 

Now the copies of outgoing 
telegrams reaching their desks 
carry the signature of the man 
who was tipped to become 
Foreign Secretary when Mrs 
Margaret Thatcher was putting 
together her first Cabinet three 
years ago. 

At that time many British 
diplomats viewed with dread 
the prospect that Mr Pym 
might be put over them. Yester- 
day, however, they were 
arguing that his stature in 
parliament and his lack of any 
presumed “skeleton in the 
cupboard" made him a crucial 
asset for the Foreign Office, 
especially now that many of its 
members are deeply disturbed 
at the public tone being 
adopted by Mrs Thatcher. 

■Where the past is concerned, 
many dilpomats will admit that 


mis judgments were made, but 
question how far either the 
Foreign Office or Lord Carring- 
ton has to apologise for these. 
They point out that Mrs 
Thatcher was brought into the 
picture only a little after tbe 
Foreign Office was alerted to 
the dangers developing over the 
Falkland Islands. 

There is, indeed, some ran- 
cour in tiie grand imperial 
buildings constructed by 
Palmerston and opened by Dis- 
reli at the Prime Minister’s 
allowing Lord Carrington to 
carry the can. 

However, the Foreign Office 
also knows that it is on trial. 
The opprobrium in some sec- 
tions of the Press causes -one 
department head to predict: 
“the hyenas will bark for a 
couple of weeks.” Moire impor- 
tant are the anger across tbe 
road at Number 10 and the 
plans for a Commons committee 
investigation, which compound 
the urgency of the task of the 
special team drafted to handle 
the Falklands crisis from the 
rooms kept for such emer- 
gencies. 

At the same time, the 
Foreign Office has other prob- 
lems. It has sera its Cabinet 
posts reduced from two to one. 
It has lost a man whose views 
on foreign affairs were listened 
to with general respect for one 
who, however respected him- 
self. now has to work to justify 
the views of his department. 

Perhaps less crucial, it is 
changing its top civil servant 
on Good Friday when Sir 


Michael Parser, Permanent 
Undeor-Secretaiy, retires on 
reaching the age of 60. He is . 
respectfully described by one 
of his colleagues as having 
acted “tike a cruising shark in 
the fish tank of Whitehall" 

His seven years at tbe head 
of the Foreign Office meant that 
he bad almost unparalleled 
experience dn the shadowy com- 
mittees which can often make 
or break policy. 

But his successor, Sir Antony 
Acland. also has Whitehall 
experience because of his pre- 
vious posts such as private 
secretary to Lord Home when 
he was Foreign Secretary, and 
Deputy Under-Secretary deal- 
ing with defence and intelli- 
gence. 

In recent weeks be has been 
travelling the Whitehall circuit 
in “dual drive" with Sir 
MicbaeL 

All these changes add up to 
the biggest upheaval for the 
Foreign Office since Suez. The 
official line of Mr Pym has 
been to emphasise the con- 
tinuity of policy— and in most 
areas such as the Middle East 
or EEC or East-West relations 
there are expected to be few 1 
major changes from the line 
articulated by Lord Carrington. 

Yesterday, however, few of 
Britain’s diplomats bad time to 
speculate on future policy or 
anguish over the past. Certainly 
their morale has been, hit but 
few were able to lick their 
wounds. 



Labour may support 
the use of force 


Financial Times Reporter 


BY MARGARET VAN HATTEM, POLITICAL STAFF 


Lord Carrington: 
departed master 


Instead almost all seemed to 
have been drafted to tackle the 
crisis which at first concerned 
the fate of a mere 1,800 people 
but is now questioning Britain’s 
whole standing in the world. 

However much the Foreign 
Office .may have been caught 
by surprise at the public 
emotions caused by the crisis 
it knows now that it has to 
succeed in forcing Argentina 
to withdraw Us troops if worse 
is not to follow when the 
British fleet arrives on the 
scene in less than three weeks' 
time. 


National Bus set further 
target for cost cuts 


Ultimatum on transport 
for GLC from Howell 


FINANCIAL TIMES REPORTER 


THE National Bus Company 
will have to cut its costs further 
under new financial targets out- 
lined yesterday by Hr David 
Howell. Transport Secretary. 

He said in the Commons he 
had agreed with the company 
that in 1983 it should aim for 
a further cut in operating costs 
of Is per cent per vehicle mile 
in real terms. 

The Government has already 
started the move towards 
privatising NBC through the 
Transport Bill, now going 
through Parliament. 

Mr Howell, answering a 
question from Mr Tim Brinton 
(Con., Gravesend) said the new 
!*■ 


cost-catting target would present 
the company with a real chal- 
lenge. 

NBC had achieved an 
estimated reduction in operat- 
ing costs per vehicle mile of 
3.8 per cent in 1981. against the 
3 per cent set by the Govern- 
ment, said Mr Howell 


He also announced targets for 
the National Express and 
National Holidays divisions of 
the NBC. He described these as 
“ a contribution to long-run un- 
avoidable costs of £7m at out- 
turn prices” in an answer to 
Hr Peter Griffiths (Con., Ports- 
mouth North). 


THE GOVERNMENT may step 
in if the GLC fails to produce 
a workable plan for running 
London Transport, Mr David 
Howell, Transport Secretary, 
said in the Commons yesterday. 

“I put to the GLC th e re- 
quirement that they produce a 
proper plan for the organisation 
of London Transport, using re- 
sources available in a way 
which achieves an efficient and 
good service for Londoners,” 
he said at Question Time. 

“If they are not able, or 
refuse to fulfil their respon- 
sibility and put their house in 
order and proceed in a sensible 
way, it may be necessary for 
the Government to impose its 


own solutions” he said. 

Hr John Hunt (Coil, Ravens- 
bourne) urged the Government 
to strip the GLC of .its powers 
over London Transport. 

“My constituents and many 
others in London are heartily 
sick of the antics of Mr Living- 
stone and Mr Wetzel." Mr Hunt 
said, referring to the GLC 
leader and the chairman of the 
council’s transport committee. 

"A new transport authority 
for London directly answerable 
to the Secretary of State is the 
only effective way of stopping 
the rate and fare payers in 
London being used as pawns in 
Labour’s political game at 
County Hall,” said Mr Hunt. 


THE GOVERNMENT was mis- 
taken about tbe signs of Argen- 
tine moves against the Falkland 
islands, Lord Belstead, the 
newly appointed Foreign Office 
Minister of State told the Lords 
yesterday. 

“ The evidence available to 
us shows that the Argentine 
regime took the decision to 
invade no earlier than March 
20 and possibly as late as tbe 
31st," he said. 

“Evidence before that time 
was to some extent contradic- 
tory and in our assessment 
pointed the other way. 

“It is true, in the event, we 
were mistaken but so were 
other countries." 

Lord Belstead was replying 
to Lord Peart, Opposition 
leader in the Lords, who had 
asked for a statement because 
the peers were due to break 
for the Easter recess. 

Lord Peart asked if there was 
any chance of armed conflict 
while parliament was in recess, 
and if so, would the House be 
recalled? 

Lord Belstead said it was 
well-known how long the task 
force would take to get there. 

“I think conclusions can be 
drawn as to the likelihood and 
possibility of a confrontation 
before the House meets again,” 
he added. 

Lord Peart had also asked for 
an assurance thatt here would 
be no solution without the 
Falklands being free. 

The Minister replied that a 
combination of diplomatic, 
economic and military pressures 
was being brought to bear, 
working in the general context 
of the UN Security Council reso- 
lution. , 

In his statement Lord Bel- 
stead said: “ The Government is 
energetically pursuing' its efforts 
to return the Falkland Islands 
to British administration as soon 
as possible. 

“ We arc bringing a combina- 
tion of diplomatic, economic and 
military pressures to bear. Our 
naval task force gives us the 
strength from which to urge a 
settlement.” 

Britain had urged other coun- 
tries to take parallel action to 
bring pressure on Argentina. 
“Argentina must be in no 


THE LABOUR PARTY yester- 
day indicated that it may be 
prepared to support the Govern- 
ment in the use of force over 
the Falklands crisis. But it still 
•insists it is not giving Mrs 
Thatcher a blank cheque. 

Mr Michael Foot, the party 
leader, was warmly applauded 
at a meeting of the parliament- 
ary Labour Party yesterday 
when he said that under certain 
circumstances the use of force 
might be necessary. 

"I am not a pacifist, and I 
have always supported the UN," 
he said. It was important that 
the UN should be involved in 
attempts to resolve tbe dispute, 
and that the Labour Party 
should fully support it: This 
might involve the use of force, 
■and Labour should be prepared 
to support that, be said. 

Mr Foot supported the 
Government's decision to send a 
naval task force to the area. To 
dissent from this decision was 
to play into the bands . of 
General Galtieri and other like- 
minded dictators in the South 
American region, he said. 

He urged the party tostand 
together in its respoase to the 
crisis. “The only thing that can 
rescue the Prime Minister now 
would be a divided Labour 
party." he said. 

Mr Foot’s stance, which was 
convincingly endorsed by the 
meeting, comes as a firm rebuke 
to Mr Tony Benn, who has 
argued strongly that the Gov- 
ernment's response to the crisis 
is bound to end in disaster and 
that Labour should dissociate 
itself from the Government’s 
course. ’ 

Mr Benn told the meeting 
that any military exercise in the 
Falklands are could only end in 
tragedy. Labour should not, 
even by default, lend its sup- 
port to a doomed Prime Minis- 
ter in a doomed enterprise. The 
taskforce should be recalled, 
he said. 

Many Labour left wingers 
appear to endorse Mr Bonn's 
analysis, bui not his conclu- 
sions or his motives for speak- 
ing against Mr Font’s line. 

It is suggested that in distanc- 
ing himself from the official 
Labour line now, Mr Benn may 
be laying the ground for attacks 
on the Labour leadership later 



Mr Callaghan said that this 
answer did not satisfy him 
■at all and he rounded off 
with a magisterial attack on 
. the Government’s handling of 
the whole affair. 

“ Weil done Jim " shouted 
Labour back benchers as he 
accused Mis Thatcher of 
having made a gross blunder 
in neglecting early signs of 
the Argentine action and of 
issuing a "naive io rotation 
to invasion ” by publicly en- 
dorsing the withdrawal of i 
HMS Endurance. j 

All of this was rather tough on , 
Mr Pym who had opened the \ 
debate in fine style with a 
short, authoritative speech 
which went far to restore the 
flagging morale on the Tory 
benches. 

His message was one of realism, 
hope and calm with the 
emphasis on diplomatic action, , 
although it judiciously in- 
cluded some sabre rattling 
calculated to appease his own 
back bench hardliners. 


Contrast 


doubt about our determination, this year when the question of 
to put an end to the occupation leadership elections resurfaces, 
of the Falkland Islands," Lord This suspicion may have cost 
Belstead said. him the backing of several of 

•\ ; 


Giles Hadlee . 

his supporters. 

But while the party endorsed 
the line taken by Mr Foot, 
there is evidence of a certain 
amount of handwringing within 
the party and several at yester- 
day's meeting, suggested that it 
was not necessary for the oppo- 
sition to come up with a clear 
policy at this stage. 

Mr Giles Radice told the 
meeting: “ We are in opposi- 
tion, so whatever we say, there 
is limited action we can take. 
But there must be no blank 
cheques, no moral gestures and 
no mock heroics." 


The most stark contrast was 
between the impressive inter- 
vention of Mr Callaghan and 
the official Labour front benA 
speech from Mr Denis Healey, 
shadow Foreign Secretary. 

Gone was the old confident 
swashbuckling style. Instead 
in a slow, halting delivery, he 
came close to arguing that it 
was OK for the task force to 
continue on its way to the 
Falklands, so long as it did 
nothing when it got there 

“ I am trying to follow the logic 
of your argument,” said 
Labour veteran Bob Mellish 
(Bermondsey) in great per* 
plexity. 

“So are we!” shouted Conser- 
vative MPs sympathetically. 

“ Is your drink all right?” jeered 
a Tqry back bencher as Mr 
Healey sipped a glass of 
water. 

Some more lively salvoes quickly 
followed when Dr David 
Owen, the Social Democrat 
parliamentary leader, attacked 
Tony Benn, the Labour left 
winger. 

Dr Owen reminded him that he 
had been a minister in the 
Labour Government which 
had sent warships to the Falk- 
lands. 

Mr Dennis Skinner,' the Bolsover 
battler, was warned by the 
Speaker that he would have 
to leave the Chamber If he 
persisted in interrupting the 
good doctor. 

Tony Benn then had" to run the 
gauntlet of Tory heckling as— 
in a cogently argued and 
forceful speech — he called for 
the British task force to turn 
back. 

At the end of it all.it was still 
not clear whether there will 
be an armed clash when the 
British task force reaches the 
Falklands. But at the moment, 
the shot and shell are . cer- 
tainly flying furiously at 
Westminster. 

John Hst 






v.-15nancial Times Thursday April 8 1982 


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EDITED BY ALAN CANE 


Amdahl set for his biggest Irish computer gamble 



DR GENE AMDAHL has 
already secured his place in 
computer . history as the 
pioneer of the flourishing 
plug-compatible mainframe 
(PCM) industry, whose 
machines run on IBM soft- 
ware. Now, at the age of 59, 
he is ’staking his reputation 
and much . of his personal 
fortune on an ambitions new 
' project which, many believe, 

’ is the boldest gamble of his 4 
career. 

Hint 

His goal is to design* build 
and bring to market by late. 
1984 the world's most power- 
ful commercial computer, 
operating at speeds more than 
doable those .of the biggest * 
machines now available. 

In practice, that means 
developing a processor able * 
to ;handle at least 30m 
separate - instructions per 
second — and Amdahl has 
hinted that he is aiming con- 
siderably higher. 

His prime target, once 
again, is IBM. Though the 
giam: of the -industry bas- 
in ore and more been seeking 
to foil its PCM rivals by mak- 
. tug the design of its com- 
puters harder to copy. Dr 
Amdahl is undeterred. In- 
deed a major feature planned 
for the new. machine is a 
novel M flexible architecture,” 
which, he says, can be ad- 
apted to accommodate any 
design changes which IBM is 
likely to introduce hi the fore- 
seeable future. 

Some in (be industry be- 
lieve that he has set himself 
an impossibly short timescale. 


and he admits that the ven- 
ture is fraught with risk. For. 
this time he' is taking 'on: not 
just IBM but -also Japan's -ag- 
gressive PCM. manufacturers, 
one of whom, Fujitsu, uses 
drcnits-originally. designed by 
Dr Amdahl ihthe 1970s. 

But Dr Amdahl says that bis 
four-year * development pro- 
. gramme Is right on schedule. 
. He also points out that there 
, were plenty of doubters when 
he resigned as director - of 
IBM’s Advanced Computing 
Systems Laboratory in 1970 to 
launch Amdahl Corp., the first 

- of the PCM companies^ — and 
.still one of the most success- 
.YuL 

. . Dr Amdahl stepped; down as 
chairman of Amdahl Corp. in 
1979 and about 1£ months ago 
/.formed a new company, 
ACSYS, later re-christened 
Trilogy. On the strength of 
bis. previous business . track 
record and his brilliance as a 
circuit designer, be has been 
able to. assemble $160m in 
financing from a wide variety 
of sources. 

As well as American 

- Investors, Trilogy’s backers 
include CH-Honeywell Bull of 

- France (which has a 10 per 
cent interest), an Irish 
venture .capital group and 
Ireland's Industrial Develop- 
ment Authority (IDA). 

Support 

Trilogy is developing its 
new computer in California 
but plans to make it at a plant 
to be built near Dublin with 
financial support from the 
IDA. 

The reserved Dr- Amdahl 


BY GUY DE JONQUIERES 

has been exceptionally tight- 
lipped about the technical- 
details or the project and the. . 
approach he Intends to take to ■ 
achieve the - performance - 
levels which he is aiming for. 
But while in Dublin earlier 
this week be shed some more 
- light on his thinking. 

He Intends to gam higher' ■ 
operating speeds chiefly by-, 
using super-fast logic circuits ’ 
of his own design. These will 
be based on Emitter Coupled 
Logic (ECL). now a mature - . 
bipolar technology. 

Bat Dr Amdahl • is count- 
ing ou using the most ' 
advanced semiconductor -etch- 
ing * equipment available , 
- (probably electron beam) to 
achieve a quantum leap in 
circuit Integration. 


Cooling 


He aims to increase, “by 
more than an order of 
magnitude" (10 times) the 
number of circuits packed 
onto a single chip. Maximum 
density at present is about 
500 circuits per Chip. 

“Both the packaging and 
the cooling will be unique,’* 
he says. Because the new 
circuits will generate vast 
amounts of heat, it wifl not 
be practical to use the air- 
cooling system which he 
pioneered in Amdahl Carp’s 
computers. “We could cool 
by air. but the noise would - 
sound like a hurricane,” he 
says. 

Instead, the Trilogy 
machine will, initially at least, 
be cooled by water — . an 
approach also favoured by 


IBM In Its biggest computers. 
But Dr Amdahl ha s also been 
. experimenting with liquid 
nitrogen cooling which, he 
claims, offers the prospect of 
extracting still higher operat- 
ing speeds from his new 
drips. 

"The second novel design 
.feature planned by Trilogy, 
flexible architecture, is the 
’ brainchild of Dr Amdahl's 
30-year-old son, Carl, who has 
Joined the company from 
. Magnuson. a leading U.5- 
. PCM manufacturer. 

The key is a new form of 

microcode, the detailed 

. operating instructions em- 
bedded in the heart of a com- 
1 putex which tell it how to 
perform its various functions. 

Called H Epicode,” the new 
code will be stored in main 
memory and will supplement 
microcode. Unlike micro- 
code, lt will not be a perman- 
ent and unalterable part of 
the machine. According to Dr 
Amdahl it will be possible to 
change it at short notice, if 
necessary by transmitting new 
code down a telephone tine. 

“Epicode will make our 
machine look compatible with 
the detailed architecture of 
an IBM machine." he says. 
"We can also make it look 
different. So we will be able 
to respond to design changes 
by IBM and, if we want to, 
make a Trilogy computer 
look like a Fujitsu or a 
Siemens machine." 

Use of Epicode will, be 
claims, also increase sub- 
stantially the new computer’s 
memory addressing power — 
an important factor deter- 
mining processing speed — and 


pro ride greater channel flexi- 
bility. An other benefit which 
Dr Amdahl envisages win be 
the ability to eqaip the 
machine with a capacity to 
perform limited scientific 

processing. 

Tfae Trilogy computer win 
be aimed primarily at banks, 
insurance companies, retail- 

ing groups and other busi- 
nesses whieh. Dr Amdahl 
believes, will increasingly 

need extensive on-line proces- 
sing facilities in the years 
ahead. Two important 

features which he intends to 
offer are non-stop operation 
and remote diagnostic capa- 
bility. 

If all goes according to 
plan, he hopes that Trilogy 
will gain a five- to ten-year 
lead over the rest of the 
industry. That is an 
immensely ambitious objec- 
tive at a moment when the 
pace of technological change 
is rapidly accelerating. 

Oddball 

Dr Amdahl is confident that 
the need to keep its customers 
happy will prevent IBM from 
making any really dramatic 
product changes which could 
knock his own project off 
course. 

Suppose IBM were to happen 
on the same type of computer 
design that Trilogy is now 
developing? “Ours is such an 
oddball approach,” he says, 
“ that it is almost certain (bat 
IBM would never think of it.” 


>*4 ■ 





il . 








Dr Gene Amdahl (right)' at the ground-breaking ceremony 
earlier this week for the factory which Trilogy plans to build 
near Dublin. Mr Albert Reynolds, Ireland’s Industry and 
Energy Minister, is wielding the spade 


Blowing for energy in the Orkneys 


BY ELAINE WILLIAMS 


NEXT SPRING, Britain's first 
major ' project "to assess the 
potential of wind energy will 
begin on a hill in the Orkneys. 

Construction of a 250 kW 
wind turbine generator — the 
largest ever built in the UK — 
has already began by the Wind 
Energy Group which comprises 
British Aerospace, Taylor Wood- 
row Construction and GEC 
Energy Systems.. 

According . to the Wind 
Energy group, the machine will 


be the first in. the UK in recent 
times to be connected to an 
isolated diesel-electric grid 
system run by the North Scot- 
land Hydro-electric board. With 
a power rating of 250 kW. it 
will be the most powerful tur- 
bine to be connected in such 
a way anywhere In the world. 

The machine starts to operate 
when the wind speed reaches 
S metres/second (IS miles/h) 
and shuts down when the speed ' 
exceeds 27 m/s <60 miles/h). 


lessmefhoency 
less headaches 

^®OESIGN 


Design & Build offers. you. an entire project from a 
single company instead of separate sub contractors. 
Which means shorter lines of communications - 
' and greater effiderxy. Contact John Baxter for 
■more information. 

Phone 01-977 8755 

The Causeway, Teddington, Middlesex TW11 OHW. 


It will have a synchronous 
generator, variable pitch rotor 
blade tips and will have the 
ability to operate at fixed or 
variable speeds. 

In addition the rotor will be 
mounted to the main shaft using 
a teetering hub. This reduces 
the forces on the blades and 
supporting structure especially 
under gusty wind conditions and 
cuts down the possibility of 
blades shearing off the machine 
— as happened -with early forms 
of wind generators. , 

The 250 kW aerogenerator is 
25 per cent funded by the 
Department of Energy and the 
total development and instal- 
lation costs are likely -to ’amount 
lo £lm. 

The 250 kW. machine is the 
forerunner to a large 3 MW 
generator whose construction 
and design is to be funded 
totally by the Department of 
Energy. Estimated; costs of the 
machine which will be opera- 
tional in 1986 is around £5-2m. 

Dr David lindley, general 
manager of the wind energy 
-group at Taylor Woodrow, says 
that the world-wide market for 
wind power generators is poten- 
tially enormous — counted in 
hundreds of thousands of 
machines. 

: Studies on the potential of 
wind power show that in the 


UK alone, up to 20 per cent of 
total power requirements could 
be met using aerogenerators. 
Dr Lindley says that scientists 
have visions of large wind 
generator farms sited in shal- 
low waters around the coast, 

The reality of such visions, 1 
however, depends on the 
Government’s attitude to alter- 
native energy in relation to 
nuclear power and the desire 
to lessen the UK’s dependence 
on oil and fossil fuels. 

Workers in the U.S., Sweden 
and West Germany are also well 
advanced on large scale wind 
.power generators. Boeing in the 
U.S. already has a. .project run- 
ning in Washington State using 
four large machines to generate . 
2.5 MW power. This $42m pro- 
ject was totally funded by the 
U.S. Department of Energy. 

Though countries such as 
Australia, New Zealand* and . 
islands in the Caribbean are 
keen to adopt wind power they 
are looking for well-proven 
machines which have shown 
themselves capable of thousands 
of hours of electricity genera- 
tion. 

Dr Lindley admits that few 
machines have operated more 
than 1.000 hours which is why 
the UK Government’s support , 
of wind power is so important in ! 
providing operating experience, j 


ASEA range of dc 
motors now available 

A new generation of dc motors available from ASEA through 
for outputs between 5 and Scandinavian Marketing at 
105kW in two pole design for Chislchurst. Kent. Full details 
frame sizes 112 and 132 are now on 01-930 5411. 

ABBEYNAIIONAL 1981 


Box oven 


A BOX oven for laboratory use 
with 27 cu ft capacity, designed 
to offer temperature control and 
even heat distribution up to 
250° C has been introduced by 
Mindon Engineering of Notting- 
ham. Details on 0773 810034. 


Solving problem s far industty 
on a confidential bas» 

HwiWmWRtaea^SOwdOPmwCwUJ 
FagwaK.MM aBBg uponT pWNanP 

luSjj 

Temperature 

controlled 

oscillators 

SEI HAS introdacod a new 
series of temperature controlled 
! quartz crystal oscillators 
: intended for portable, high per- 
formance electronic equipment. 

The company claims that the 
QC scries has been developed 
as an uhra-srablo, low profile, 
range of ■oscillators, with low 
power consumption. Over a 
I temperature range of -4U”C to 
+ 85°C the frequency stability 
is i.O.5 ppm while consuming 
less than 4mA from supply. 
More information on 061 7S9 
5081. 

MSM to offer 
new grinders 

MSM Machinery Centre of 
Norwich is In market a new 
ranee «f CMC cylindrical 
grinders manufactured bv 
Tnymla nf Japan. Fourteen 
I models, it i.s claimed, offer 
I grinding centre ranges between 
63H imii to l .600 mm with over 
the table swing up in 400 mm. 

I MSM is at Jarrold Way, Bnw- 
iherpe Industrial Estate, Nor- 
wich (0803 409757). 

Time system 

BUCK International Systems. 
Swindon, Wilts. (0793 27455) 
has launched its Time — on 
Line microprocessor controlled 
system to calculate hours 
worked by up to 2,000 em- 
ployees. The system will handle 
64 clocking terminals where 
employees record time worked 
by card or a coded badge. 


“AbbeyNationalprovdded 
over one-fi ftliof building society 
lending on newhouses.” 

Among the points made by the Chairman, Sir Campbell Adamson, at the Annual General 
Meeting ofthe Abbey National Building Society held on the 7th April 1982 were:- 


Hotspot sensing device in kit form 

HOTSPOT, a British designed (01-628 0338). 


heat sensing system for temper- Hotspot comes in kit form 
ature ranges up to 325 deg C has a contn J panel and either 

five or ten colour coded sensors. 
by « Mr W - Dreyfus or Mr P. . 
and Control Systems, .15-17 City Black will provide more inform- 
Road, Finsbury Square, London ation. 


These securities were offered and sold outside the linked States. 
This announcement appears as a matter of record only: 


PHILIP MORRIS I^TERMrDNAL CAITIAL NY 

Swiss Francs 100,000,000 
6%% Bonds Due 1992 

. CbiarantBed as to Payment of Principal, .. 

Premium, ft any, and Intemst by 



INCORPORATED 


'‘Competition bath far mortgages 
and savings has been severe. Perhaps 
for the first time ever societies 
have needed to market 
simultaneously the services 
available on both sides of 
their balance sheets to 
achieve their ambitions.' 

Results 
for 3981 

‘Assets grew by 
25.74% during the year 
and are now more than 
£10,0(10 M.This and our 
performance generally 
stands favourahly in comparison 
with those achieved by any of 
our major rivals. ; 

A £63 M surplus 
maintained our reserves among 
the strongest in the building 
society industry 

The steriing value of liquid 
assets is almost £1.900 M 
ensuring a fully adequate financial 
base for our bousing operations for 1982. 
Total lending exceeded £2,000 M (28°* up on 
2980). a siaeable real increase allowing for. 
the rate of monetary inflation and the 
depressed state of bouse prices. 

The number of people able to buy their 
home through us rose from 106.000 to a 
record 123,000 and further advances too were 
up by 56% to 56,000. Our concern for 
the state of the nation^ housing stock is well 
known. Abbey Nationalprovided over 
one-fifth of building society lending on new 
houses.” 

Money Service 

“Over 1,350,000 new investment 
accounts were opened during die year and 
the number of young investors receiving 
news and advice through the Junior Savers 
Club grew to 400.000. 

The days of dependence by societies 
on one basic investment product are now in 
the past. 

In July the High Option Bondshare 
and Forty Plus Bondshare were introduced, 
each subsequently proving their popularity 
Since the anginal launch High Option 
has been improved on a number of occasions, 
most recently on the 1st April. Build-Up 
Shares continue to be attractive to those 
-willing to save regular monthly sums. 




UNION BANK dFSWilZERlAND 


SWISS BANK CORPORATION 


CREDIT SUISSE 


SWISS V01KSBANK / .BANK LEU LTD GKOUPEMENT DES BANQUKRS PRIVE5 BENEVQIS 

A. SARAS1N AND C1E' PRIVATE BANK ANDTRUST COMPANY GROUPEMENT DESANQUIERS PRIVES ZURICH0IS 

UNION 0FSW1SS CANTONAL BANKS • 


GROUPEMENT DES BANQUIERS PRIVES GENEV01S 


Apt$ f 1982 


issue of 60+ Bondshares continuing the 
pre^ramme especially for elderly investors. 
This restricted issue offered a 2i% 
deferential and was available to existing . 
account holders, once again underlining the: 
special place inour plans for people who 
invest with us. 

The prime example of our drive into 
totally new markets was the Abbey National 
Pension Plan, launched as a joint venture with 
Commercial Union in October.” 

Home Service 

“Mortgage differential interest rates, 
used judiciously, offer benefits to the 
investor through higher interest on savings 
and the borrower can also gain. By charging 


2% less tha n the basic rate lor the first 
year for first-time buyers, borrowing below 
£15.000. we help borrowers through their 
most financially trying period. In addition, 
the system will tend to produce a lower basic 
mortgage rate over a period for all borrowers 
than might otherwise be the case. 

Complementing our sendee to first- 
time buyers, is our Homebuyers Club. 
Membership brings advice first on saving to 
buy a house and then on the purchase itself 

An overriding principle running 
■through our housing policies, is our commit- 
ment to provide a range of choice in a 
way no other public or private sector housing 
agency has been able to do. However, the 
level of personal incomes remains the major 
obstacle to house purchase for many people. 
Our policy is to assess only an individual’s 
ability to repay a loan- inflexible multiples of 
income have no place in todays mortgage 
.scene. 

Abbey National's funding of a shared 
ownership project in Bexley last year was 
• the first example of building society support 
for such a scheme. 

fife dm to lead the private sector in 
the ingKovement and repair of the 
housing stock especially in older urban areas- 
VfesbaU also continue to support the 
construction industry^ efforts to expand the 
numbers and standards of new housing. 

Vie are committed to greater - 
involvement in financing inner city housing 
revival. We lave seconded one of our senior 
Managers to the Financial Institutions 
Group looking into further ways m which the 
private sector can assist A positive policy’ 
is needed to create the degree of momentum 
which could lead to large scale rasing 
of standards. Vfe are in 186 Housing Action 
Areas and General improvement Areas 
and have attempted to overcome the inertia 
by adopting a neighbourhood approach to 
the problem." 


Abbey Housing Association 

‘Throughout 1981, the Abbey Housing 
Associa tion continued tn develop 
unsubsidised property for rent 
and sale. The Tower Hamlets 
development is virtually 
complete and work has 
begun in Islington and 
Peterborough-Planned 
production for this 
year is in the region 
of 600 units. Building 
Societies are well 
suited to obtaining 
the confidence of the 
public as landlords in 
the same way that they 
have with their more 
traditional activities. Among 
our membership there are 
those who would view rented 
accommodation as folly meeting their 
long-term housing requirements, 
whereas. In others it may merely be a 
convenient stepping stone on the path to 
owner occupation. Whatever the reason 
we can help to fill a readily identifiable gap 
in the present housing stock.” 

Developments 

On 1st June, we propose to intnxiuce 
a Home Income Pla n. combining a mortgage 
low ant * an annu ’ t -' ; to provide an income for life 
for elderly homeowners. 

■ The sc development s form part of a 

jVj. comprehensive plan to offer facilil ies for all 
Li housing needs frnm under the one roof. 

■ ' While continuing to improve our own 

, procedures through, for example, 
ra “ committing ourselves lo making mortgage 
. offers ideally within 7 days and providing a 

Report rei Condition and Valuation as a more 
complete alternative to the basic survey 
nit- re P° rt ’ 

There are services normally within 
imr ^ scope ^ Passions in which our 
® influence can beneficially be brought to bear. 
For example, it is overly "cautious, not to 
r mention more costly for the borrower, far a 
society’ to continue to call for an 
_£ investigation of title, when a property is 
aU1 already in charge to it and the title has been 
previously investigated by a qualified 
. solicitor. We now no longer require a fuQ 

investigation insuch rirounstances. Ibis, and 
-j. the more amplified mortgage deeds 

^ -we ikw use, ^ieadfo significant reductions 

- in the costs oflegal services to Abbqjr 

Nation borrowers. 

The basic atfcide ** &> all 

professional services is this. We shall 
A. ■ continue to reduce the weight of dericsl work 
normally |done by the professions in 
conjun c tion .with, house purchase and sale 
ing and, where appropriate, take on the 

. additional burden ourselves.” 



ABBEY 


FULL COPIES OF THIS'S PEE CH. THE ACCOUNTS AND DETAILS OF OUR H OME A ND MONEY SERVICES CAN BE OBTAINED ON REQUEST 
FROM: THE SECRETARS, ABBEY NATIONAL BUILDING SOCIETY, 37 BAKER STREET LONDON W2M2AA. 




Financial Times Thursday April S 1982 


e 


Accountancy Appointments 



Prospective 

Gondolier 


£i5j000+car 


Our client is a very large consumer product 
organisation with extensive production, distribu- 
tion and marketing facilities throughout the U.K. 


The business is aggressively managed and is 
rap/diyaainina market share without sacrrfiana 


rapidly gaining market share without sacrificing 
profitability. Vital elements in this success are a 
clear strategy, aggressive marketing, effective 
financial control and the creation of- a results 
orientated environment. 

The Group now wish to. recruit a financial 
manager experienced in a Targe scale sales 
organisation where interactive computer control 
systems have been developed and close attention 
is paid to customer administration. 

The successful applicant will play an active 


role in effecting improved results in the operating 
companies and further developing the financial 


companies and further developing the financial 
control systems. The position is central to the 
achievement of the Group strategies and success 
will be recognised. Personal qualities must 
include the abi I ity to establish sound relationships 
with fine and finance management irTfhe opePaf- ' 
mg companies. 

Location — Central London with some UK 
travel. Age guide - around 30. 

Please apply (men and women) in confi- 
dence quoting reference 6068 to 


Brian Mason 

Mason & NurseAssociates 

Northwest House. 

UP-127 MarvieboneRoad 
London NVvisPU 

Offices m London & Birmingham 


Controller 


Berts 

to£ti;500+car 


Are you a qualified accountant, aged 
say 35/45, with solid financial control 


experience (including costing and EDP 
use) in a reasonably disciplined industrial 
environment? Do you live in or near 
Herts? Would you like to undertake the 
creative development of a consumer 

& marketing) 


the financial director? 

Our client is a small public c om p an y 
which, with new management and funds, 
plans accelerated growth in UK and 
export markets (both, with manufactured 
and factored products). There is consider- 
able scope in the new job for personal 
contribution to profitability and efficiency. 

For fhll job description write in 
confidence to John Courtis, 78 Wigmore 
Street, London W1H 9DQ, -showing 
dearly how you meet our client’s 
requirements, quoting FT/7098. Both 
men and women may apply. 


Mason 

&Nuise 


Joihn Courtis 
... and Partners .. 



Financial Analyst 


Manufacturing 


Salary c. £1 3,000 + Car 


This is a unique opportunity for a 
strongly motivated individual to 
aKifribute to the continued success erf 


one of the leisure industry's most 
highly respected names; that is, 
providing your expertise can keep 
pace With the challenges involved. 

. Based foMidBucksi,ypu will 
become specified tyirwolved in 
developing principles and parameters 
of annual budgets and reporting on 

results. At the same time, you will 
uncfotakethecmaiysisdmarRjfadu^ 
reports, for which it is essential that 
you have the creative flair to identify 
the financial implications and critically 
appraise manufacturing plans. 


Probably in your late 2(7$ to eaHy 
30’s you will be an ACMA capable of 
initiating and participating in special 
projects and investigations ana 
successfully presenting theana lyses 
to senior management An effective 
coframmicatocyou mud 1 beable to 
darranstratethenecess^ 
for this important role. You will possess 
a relevant manufacturing background 
and sound commercial judgement. 

The remuneration package our 
dient is offering reflects the calibre af 
man or woman sought.This indudes a 
salary of c £13k, a company car and 
noncontractual annual bonus. 
AddBionaJJ# there is an attractive 


range of fringe benefits, such as 
private medical insurance and a ■ 
contributory pension scheme. 

Please send a detailed cv. to 
GrahamCox, Juniper Woolf & Partners,” 
63 Duke Street, London WJM 5DH. . - 

Please list on a separate sheet 
those companies to whom you do not. 
wish your details to be sent 



RECRUITMENT ADVERTISING * SEARCH & SELECTION 


Rudolf Wolff & Company Limited 


We are looking for staff 
with varying levels of experience 
for our new 

FINANCIAL FUTURES 

Division 


Selection & Search 


Applicants should have a strong desire to take 
advantage of the opportunities being created 
by this exciting new market 
Our company anticipates playing a major rede 
as members of 


FINANCIAL CONTROLLER 


Sussex 


c.£ 19,000 p.a. 


Our client is a major, wall Imrrwnnatirmal charity with an Tryr rnipi m errrwzK nf Eft mflTrrtn- 


The Financial Gmh-nfiar vriTi he for all -fmanrial mat te r s w iib fn fh« cbaiity, focusing upon 

financial policy determination and implementatioxi^fuiancial forwarrt planning , Vn no ntml, and tba 
management of investment prog rammes an d capital eicpm rifrmi B. 


Applications are invited from qualified accountants in the 35 — 50 age bracket with, relevant senior 
levei experience in financial management andforward plamring. !5trangth nfp reremralify ami a flpyrihkY 
adaptableapproacbarekeyrequireinents for this unusual and demandmgibfe. 


Written applications containing career details should be forwarded, in confidence, to 
Anthony J. Forsyth, B-Sc. at our London address, quoting reference number 3602. 


L.LF.FJE. 


from its commencement in September, as well 
as considerably developing our business - 
on the current American markets 


410 Strand FREEPOST London WC2R 0BR. 

Tel: 01-836 9501 

26* West Nile Street FREEPOST Glasgow GT 2BR. 

Tefi 041-226 3101. 

3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744. 


Douglas Ltornbias Associates limited 
Accountancy & Management 
Recruitment Consultants 




W rite in complete confidence to: 
Mr. C. D. S. Williams at 
Rudolf Wolff & Co. limited 
Plantation House 
10-15 IPnrfiig Ijiw 
London EC39S SDR 
nr telephone 01-626 4476 


M W Marshall 
(Sterling) Limited 


have a vacancy for an experienced 
Interbank broker. 

Applications in writing will be • 
treated in confidence and should •> 
be addressed to: Staff Director, 

M. W. Marshall (Sterling) Limited, 
52 Cannon Street 
London EC4N 6LU. 


♦Vi 


A Member of the 
Mercantile House Group 


STOCKBROKERS 


One or two members or a group are invited to join a medium- 
sized, old-established firm with mainly private dient business. 


‘Our dient has dealing connections throughout the- world, a fully 
computerised office, an efficient depot and valuation service and 
gives interest on client balances. 


Please write to 

J. 'Mi D*0. Duckworth, Eufc 

Mean. Dumnt Picsse 
73 Cheapssdc, ECS 

Names wSlf not be disclosed without the applicant's consent. 


LEADING TELEVISION COMPANY 


interested in Satellite and Cable Television is looking for 
an intelligent executive to study and report on this fast 
developing scene. 

Candidates (preferably in the 25/40 age group) should 
have some media experience, ideally in television, arid 

should be . prepared .for extensive travel, .. 

Good educational background essential including working 
knowledge of French and German. Salary according to 
age and experience. 

Write in confidence to: 


Box A. 7827, Financial Times 
10, Cannon Street, EC4P 4BY 



f FT H m r 


ilUTML 


South Manchester 


We are the U.K. subsidtarvof a West German based international 


chemical group and wish to appoint anew Chief Accountant based at onr 
headquarters at Cheadie Huime. 


headquarters at Chcadle Huime. 

The position carries responsibility for the finance and accounting 
functions of the Company with the assistance of 4 Managers and their 
staff, and offers opportunities for further career development within the 
group. 

Candidates, male or female, should be Fellows of the Institute of 
Chartered Accountants, experienced in company financial and banking 
techniques, who have held a similar position m a large international 
company working within the disciplines of group reporting. In view of 
the cooperation with the parent Company, fluency m the German 
language is essential. Probable age range 35-40. 

Salary is negotiable and benefits indude a company car, cont rib uto r y 
pension scheme, BUPA membership and the working conditions 
associated with an international chemical company. 

Please forward c.v. giving complete educational and career resume and 
details of current earnings to: 

The Personnel Department, BASF United Kingdom Limited, 

F.O. Box 4, Earl Road, CheacUe Bakn^Cb^Bt, Chests SKS6QG. 
Tefc 061-485 6222. 


APPOINTMENTS 

WANTED 


NEW YORK 


English lawyer, resident In Now 
York wfth first dasa experience, 
qualifications end references, and 
with many years direct involvement 
at senior level in the fist da of inter- 
national in vestment banking in 
European and Middle Eastern 
financial markets, Is now abls to 
represent in Nsw York the Interests 
of either a bank or investment 
group which wishes to have a 
direct presence without the Inherent 
overhead. Meetings can be arranged 
et short notice in Europe. 

Apply in stria confidence fo: 

Box F, 3044. Financial Tima* 

10 Cannon Street, EC4P 4BY 


MIDDLETON FOSTER 
ANDERSON & CO. LTD. 


Established Sterling Money Broking Firm seeks 
experienced dealers in the Interbank, Commer- 
cial and related markets. 


Contact 

Roger Mathias (01-248 5081) 


and Executive Seen 

TOwnrnigt mi p MR1K. 


—We— tUMMlI 


Executive 

Selection 


FINANCIAL DIRECTOR 


Salary Seale Negotiable from £15,000 pa. 
Plus Car and other Benefits 


Our small Group of Companies, privately owned, 
operates within the Construction Industry and allied 
fields. 

We now need a Financial Director who will be 
responsible directly to the Chairman and owner, 
preferably aged below 40 and a qualified accountant, 
experience of the building industry, associated trades 
and property would be a distinct advantage. 

In addition to salary it is envisaged that once 
established within the Group the Financial Director 
will enjoy additional remuneration. 


Please contact: 

E. Nagler on 01-409 0309 
16 Berkeley Street, London, W1 



PART TIME 
ACCOUNTANT 


wanted for young American 
financial consulting firm. Flexible 
working hours. 

PI ossa contact 

PROJECT FINANCE, 
g Suffolk Street London SWTT 4HG 


BASF Hi 


OUR DAUGHTER 

17. student et ■ teacher's mining 
college, would lika co spend her 
summer holidays from the middle 
of July until the mhkUe of August 
■s e mother's help in an English 
famfiy with children between 4-12 
years. Awaiting your answer: 

Roland Ertbscher 

Hsdlaubstrassa ISO. CH-800B Zurich 
Switzerland 


CHIEF DESIGN ENGINEER 


REFRACTORIES INDUSTRY 

CEFRAC JJMITED, a subsidiary of K.S.R. International Limited, requires 
an experienced Chisl Design Engineer to exploit modern technology 
in monolithic refractory linings, arising from a Ucanca to be acquired 
from Combustion Engineering, Inc., lor the manufacture end sale of 
their products. 

Applicants with qualifications in structural or civil engineering heat 
transfer end/or ceramics I ref rectories) would be fauaurabiu mnsiriemri 


T", ----- -i — ■■■ wi with BiiMincariiiu ■ 

ensfer end/or ceramics (refractories) would be favourably considered 

3 suitable. Training would be given tt necessary. 

hia is a senior appointment In a aajes-orlentated growth company. 


The salara end other terms and conditions offered would be commen- 
surate with such an appointment, i.e. pension scheme, (He insurance, 
company car. BCWA. relocation expenses, etc. 

Apply in writing in the first instance with lull curriculum vitaa 
in strict confidence to: 

The Company Secretary 

CEFRAC LIMITED - - 

Sandiron House. Beau chief. Sheffield 87 ERA 


DREDGE MASTER, afio 55. 16 vearc 
experience, seeks aroric. Has passport. 
W1H tram. 0522 M2841. 


FINANCIAL DIRECTOR 


Bowater Hills Limited, a subsidiary of The Bow ate r Cor- 
poration Limited, seeks a mature qualified accountant, 
preferably in the 35-45 age range, as Financial Director. 
Situated in the Teesside area, it manufactures and sells 
joinery products with a turnover of about £12 million 
annually. 

The successful candidate will have had experience of 
running the -finance function in a manufacturing company 
and sound experience of costing in an EDP environment 
is essential. We seek someone with both the experience 
and the personality to make a significant contribution to 
the commercial development of the company as a member 
of an energetic top management team. 


The salary will be in the region of £15,000 with a car. 


Replies until full eumculam vitae should be addressed to: 


Mr. T. P. Kenny 
Personnel Director 
Bowater Building Products Group, 
84 Upper Richmond Road, 

London SW15 2ST. 


PRIVATE COMPANIES 


GROUP ACCOUNTANT 


Aged about 35, required to help run., group of .private companies in Romford, 
with view to becoming Company Secretary. The applicant need not be qualified 
but should have good knowledge of all accountancy practice, company law, 
taxation and should also be conversant wrth all aspects of office management 
Assistance with housing can be given if required. Opportunity to join Pension 
Scheme after initial period. Salary commensurate with experience. 


Apply In writing to Box A7825, Financial Times, 16 Cannon Street, EC4P 4BT. 


A CHALLENGING CAREER IN 


INTERNATIONAL BANKING 


Manufacturers Hanover Trust is one 
of America's leading banks. We offer 
outstanding opportunities for 
inteH/penf, enthusiastic people with 
the will to succeed in the competitive 
world of International Banking. 

We have modem offices in the City, 
Stratford E15 and the West End and 
are always Interested to hear from 
experienced high calibre banking 
staff looking to advance their careers. 
Currently we are seeking: 

Documentary Credit 
Specialists— Stratford, E15 

Age 20-25 with good 'A' levels, AIB or 
equivalent 

Senior Operations 
Clerks — West End 


Age 22-28 with accountancy 
background and experience of foreign 
exchange operations. 



Experienced Junior 

Credit Analysts — City 

Age 22-26 having AIB (or studying) 
with experience of secured lending... 

All these positions are open to men. 
and women and offer Job security in" 
an environment providing excellent 
career development and growth 
potential: Attractive basic salaries are 
based on ability and experience and 
we offer a first class benefits 
package. 

Applicants should send full details of 
age, education, experience and 
currentremuneration to: 

Malcolm Frost, Personnel Manager, 
Recruitment Training 
and Development, 

Manufacturers Hanover Trust 
Company, 

1 Gerry Raffles Square. 

London E151XG. 

Telephone: 01-555 3239. 


manufacturers eanovek 

TRUST COMPANY 


i 


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• 4 , ; 




I!L* ** 


+0 


: v. !.-, 

!.-J u. , 

*V« ■» 

v?l ’ ioiw 



enenced 

R ill be 
should 
ector. 
Limited. 


?A"Y 


■•M'J 

" mri 

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■a *■ L 

• i 1 1:' w1 "’ 
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Luanda 1 Times Thursday April 8 1982 

DIRECTOR 

DESIGNATE 

INTERNATIONAL AUDIT 

Our cEent is a major US couglouierate which 
manufactures, markets and distri butes c^n ^tmer 
products worldwide. 

The Director oflotenianonal Audits based in 
I'Gudon* WJ-3 reporting ultimately to the U«SL Vice 


U.S. BankExperience 

Credit 

Analyst 

We wist to strwjgtl^ tie team involved in 


efficiency and p mfitghflTty , 

Conseqnendy, tJ^y seek an intern align ally-minded, 
qualified aecoimtaat (age 28-35) whose experience, 
personalqUalitieS and ccymmnmcation skills will 
soon confirm their leadership of ahigfirpowered 
prbfMonalteain. 

Salary infic«x>r ^£15-£l7^)00 pins car. 

Interested applicants shouldsubmit full career 
details quoting re£ 822 to Nigel Hopkins F.GA. 
at 31* Southampton Row, London' WOB 5H3T- 
Tdcphone 0F40S-0442. 


Michael Rage Partnership 

Remiitment Consultants 
London Birmin gham Manchester 


theUX 

*We are tlieiefot^^cfeingapeBonsged over 
25 wilt at least3yeascr^amlysis experience 
TvjthalXS. Bank; to prcrvidfisnppartto^ our 
nadjitingtejun. 

Salary isnegotiableaiid other henefits include 
mortgage *chemeJ?enson and Life Assurance 
scheme^ private medical cover; free staff restaurant, 
Season Ticket and Personal Loans, 

Please write ‘wiih details of your career to date, to: 

J. A. Ngwxnan, Regional Manager Personnel, 
The Royal Trust Company of Canada, 
iRoyai Trust Hotlse, 48-50 Cannon. Street, 
LquHqilEC4N6LD 


Royal Trust 

Company of Canada 


Mike Pope & Associates 

'S*n1TftemiftjoaJtr~Cw«irfMn»- — 
Internal Auditor* to £12.500 

Bond Portfolio Manager 
(la 30 yean) » £12.000 

Ad min/ Premises atalnani 
(ACA) to 30 yean • w £12.000 

Senior Accounts Clarks 
to 30 years to £9,500 

Senior Credit Analysts E rwq. 

Loans Admin Supervisor CE8.50D 
Graduate Lending OfHeors 

(with European language) £ neg. 
Phone David Patten 
or Mike Pope 
1/2 Gracechinch Street 
London. ECS 
01-428 5191 


LOBDOH STOCKBROKERS 
REQUIRE, 

for their private client statistical 
department, an assistant with 
two to three years’ similar 
experience: 

Write Box 4.7828. Financial Times 
10 Cannon Street. EC4P 4BY 


DEALERS — cmr — £13.000. EXBtndlng 
Fore Is a Bank require, for ox and Dollar 
Deposit Dealers an excellent omr- 
Tunhv to further your career In Inter, 
national tunkltm. RVh *4285. Fred 
Banking Apvxs.. 34 Wormwood Street. 
E.C-2. 01,638 3014. 


Group 

Treasurer 

Northants. 

c.fl5j000+ benefits 


A hi^rsuccessfid-ancJ weD estobSsnetT 
manufacturing group, with extensive ove rseas 
markets, wants to recruit a lively young 
accountant for the newly created post of 
treasurer; 

Candidates, in their 30 s. should have sound 
experience in cash forecasting, cash 
management and foreign currency dealings in 
.fast moiing businesses, . 

The group is an internal iun.il leader in its field; 
the management is young and aggressive and 
the prospects for the successful candidate are 
described as excellent. 

Please mite in confidence, quoting refa-axs 
1775!L, toE, M. -Yi\Y. 

165 Queen Victoria Street, Blackuiars, 
London EC4V 3PD . 


P 

IPfeaU 


I tot, Marwick, Mitchell &Ca 
Executin' Selection Dii ’ision 



Shell Shell !LK.ExpIoration and Production 

COMMERCIAL CONTRACTING 



Open to a prime mover— a tough and demanding position— scope to become Marketing Director within 6-18 months 

MARKETING MANAGER 

S.E. ENGLAND £18,000-£26,000 

EXPANDING FINANCIAL SERVICES GROUP-MASS MARKETING FINANCIAL PRODUCTS 

Applications are invited from candidates, aged 28-33. male/female, who have acquired a minimum of S years' successful 
practical marketing experience utilising modem marketing techniques, and at least 2 years will have been spent in controlling 
the marketing of a. series of products. Reporting will be to the Divisional Managing Director for the further development 
of the company’s business by the achievement of financial growth targets, building within 12 months a national sales 
operation. Up to 40% of time will be spent in the field and up to 20% away travel will be necessary. The key to 
the success of this operation lies in high volume sales and low margins. Initial remuneration package negotiable, £I8,QOO-£26DOO 
by way of high basic salary + profit-geared incentive scheme + car, contributory pension, free life assurance, subsidised 
medical assurance facility, assistance with removal expenses if necessary. Applications in strict confidence under reference 
MM14046/FTV will be forwarded unopened . so our client unless you list companies to which it should not be sent in a 
covering letter marked for the attention of the Security Manager: 

CAMPBELUJOHNSTON RECRUITMENT ADVERTISING LIMITED 
35 NEW BROAD STREET, LONDON EC2M INH 
* Unless you are applying for the above position, please do not write to us. 


The Commercial Services division of 
Shell UJv. Exploration and Production was 
formed some three years ago and is a 
functional union of contracting, commercial 
and financial expertise. It also covers 
insurance, economic appraisal and special 
studies. Its Commercial Contracting 
Department v ets contracts let bvtbe 
Company and offers commercial advice and 
assistance to engineering project teams. 
Tighteningupon pricing schedules, conditions 
of contract, standard documentation, contract 
negotiation, preparation, advice and 
negotiating on daim settlements and finandal 
review of possible contractors, are all part of 
the total work scope. 

We are looking for people at differing 
levels of seniority from Departmental Head, to 
Senior Commercial Analyst. 


These Commercial Analysts win be from 
a background in either accoun tancy, treasury, 
law, contracting or cost engineering and they 
willbe finding their single spedality too 
narrow to fully maintain their interest. They 
•will have penetrating andindsive minds, mid 
enjoy problem solving. 

‘ The Head of Commercial Contracting 
win require a strong and persuasive 
personality and willbe a well quali Bed 
professional with broad experience covering 
more than one of the above fields of expertise 
and a record of achievement by co-ordination 
and guidance. 

We attach great importance to these 
positions and the sala ries we are offering 
reflect this. In addition we offer a wide range of 
company benefits inducting relocation 
assistance where appropriate. 


Please write giving brief details about yourself andyomcaieer to Shell UJC. Exploration and 
Production, UEP/62, Sheli-Mex House, Strand, London WC2R 0DX. Telephone 01-438 5001. 


l.‘_ • ■ 


£20,000 plus car 
plus benefits as 

Managing Director 

of a 

Ford Main Dealership 


You’ll be situated in an important 
part of Northern Ireland and you'll be 
the Managing Director of a Ford Main 
Dealership that offers excellent 
opportunities for a person of drive and 
ambition. 

Therefe a starting salary of up to 
£20,000 plus a company car and other 
benefits. The person we are looking for 
should be a highly professional 
manager with sound experience of the 
motor trade, preferably gained in a 
Ford environment 

Please write giving full details of 
your career to date to; 

BoxNo. A.7829, Finandal Times, 
10 Cannon Street EC4P 4BY. 


Hoggett Bowers 

Executive Selection Consultants 

BBiWNGilABLCAl[IJIFF.GLASGbWlLEEDS,LONDQN,MANCBESniB,NEWGBSII£M0l S HW Pl VJ. n 

Deputy Managing 
Director 

North East, c£25,000 + benefits 

Our client, a substantial US multi-national, requires a Deputy Managing 
Director to assist the Managing Director in the e^putive control and profitable 
developraentofoneoftheirhighly successful UK subsidiaries. The company is 
a brand leader in the manufacture and marketing of an extensive range of 
consumer durables, with turnover in excess of £20 million. Candidates aged 
under 4ff, science based graduates, ideally with a secondary qualification in 
business studies or finance, must demonstrate a record of successful general 
management in aposition. of profit accountability within a market orientated- 
manufacturing organisation. International mobility is essential and second 
language desirable as success in this position may lead to promotion outside 
the UK. Comprehensive bamfitsinclnds a bonus scheme and company car. 


Male or female candidates should forward immediately a comprehensive cv to 
AD. Kelly, Hef: 44123/FT. 4 Mosley Street, NEWCASTLE-UPON-TYNE. 

JVEl IDE. 0632-327455. 




7 BJV/T/SW 



Af Hatfield we wish to recruit additional commercial staff , 
particularly in the Held of sales finance, to negotiate sales 
contracts and credit agreements with our export customers for 
the new BJte 146 and the well-established 125 Executive Jet 

Applications am invited for positions as 

SALES FINANCE EXECUTIVES 

and 

CONTRACTS EXE 


Hill 


Candidates should possess experience in arranging export 
finance with Banks, ECGD and other sources in the United 
Kingdom and overseas, and/or in the preparation for, and the 
negotiation of, export contracts for high value capital goods. 
The seniority of the positions will reflect the experience of those 
appointed. 

Applicants should be graduates or professionally qualified in 
accountancy, banking or the law, preferably in the age range 30 
to 40. The positions, although based at Hatfield, will involve 
periodic overseas travel. 

Please send brief details of yourself to: 

The Employment Manager, 

■HAn*ELo-CH£S7ttofvrsfonr 

Hatfield, Herts. 


Financial Futures 

Wewish to make a senior appointment to our 
newly formed company spe cialising in broking 
in the London International F i nanc ia l Futures 
Market. ; 

The successful candidate will be dealing with 
clien ts and advising them on all aspects of the 
marketHe/sbe will currently be employed ina 
broking capacity and be familiar with client 
Faison. A knowledge of the money and gjfc 
edged markets would be an advantage. . ■ • 
Acompetitive salary is offered inchidmgaxK®*' 
contributory pension scheme, life assurance 
and other mnge benefits. 

Applications giving full c ar e e r details will be 
♦rat ted strict and, should be sent 


J. A. Pound Esq:, 

Cater Allen Futures. limited, 
I King "Wiliam Street, 
LondorL, EC4N 7AU; 


THE BRITISH LINEN BANK LIMITED 

Corporate Finance 


The British Linen Bank Limited 
(the merchant banking subsidiary of 
Bank of Scotland) is seeking to 
appoint a senior corporate finance . 
executive in the Bank’s head office in 
Ectinbuigh The successful 
candidate wll join one of the BanKs 
corporate advisoiyteams wfihin the 
Corporate finance Department 
An applicant will probably have a 


good university degree and/or 
professional qualification. It is 
essential that he or die should have 
had three to five years relevant 
experience to one of the leading 
accepfing/issuing houses. He or she 
■ . should be aged 3033. 

A competitive salaiy will be 
offered, together waft usual lunge 
benefits. 




■ ' ■ ii Top Executives »« < »■ ' 

Our clients find better opportunities. Are jou interested? 

If yenr talent* crc befog wisted, or your tmbttkms tbwarbod, wa can bdp. Our highly qkQbd 
aw mgagBiPBB t enmwcrilnwt hmia nil hum «q pg»H in i Tap Management ml* ISmy aadwtBid ~ 

your probhniM-AfttrM reh i rtm gyixM- tree potBotfalthniqgh diacnaa io n and anabrsi»,th«y work with 

yea throegb all stages of the job search antil you find that better opportunity that is just right foe 
you. Moat of these batter oppor bu atieg are ngrer A d ver tis ed. 

W* haw an acknowledged standing in Che employment market and an outstanding track record of 
gpcc egs. That's why we're confident that after »pwKnm > iyd i>c«B »on you^ nail appreciate why wa 
araabtota offer the special sort of bdp that ^yott need. So why not ring us twfay. 

MKSl'KK baIWiM LTD. 28 Bofan Sheet* ImdovWlYSHB. WfeQMflBIMOISttB 



Q mriirfates should send fuBy comprehensive CV. to:— 
H.K- Young, Head erf Corporate Finance, 

The British Linen Bank limited. 

4 Melville Street Edinburgh. EH3 7NZ- 


GENERAL APPOINTMENTS 
Also appear today on following page 


BOND PORTFOLIO 

MANAGER 

c. £12,000 

Age maximum 30 with 2/3 yeerc* 
BCtiva trading in U.K. band 
mark it. 

Eurobond and U.S. bond market 
wauld be an a&sci bin not 
essential- 

P/ms« contact 
Sheila Ankart&li -Jonas 
01-236 0731 

■v Q. S. Banking A 

MV Recruitment Ctmsullanls U 
30-31 QUEEN STREET, LONDON EC* 


ASSOCIATE — TREASURY DEPARTMENT 

Salary c. £13,000 

A major petro-chemlca! group require an MBA with at least 
one years international finance experience gained in commerce/ 
banking. The position offers high career expansion potential 
with involvement in a wide range of projects. 

Pleasa contact: Diana Warner 
Jonathan Wren Bank Executive Recruitment 
170 Bishopsgate, London EC2M 4LX 
Tel: 01-623 1286 


t 






14 


Financial limes Thursday April 8.1982'' 


GENERAL 
MANAGER 

BOSTON LEASING IID. 

A General Manager (male or female) is required for 
our newly formed U.K. Leasing Company (an affiliate 
of The First National Bank of Boston), based in our 
Offices at 5 Cheapside. 

With administrative support provided by the Bank, 
the G Art. will be expected to lead and motivate the 
Bank's calling Officers in the development of new 
business particularly in large-ticket transactions and 
vendor leasing programmes. 

The successful applicant will report to the Chairman 
of a small Board of Directors, and will probably be 
over 35 with at least 5 years experience in the’ U.K. 
leasing industry. Strong analytical skills, with 
experience in negotiating at top level and in 
structuring, pricing and documenting complex 
transactions are also required. 

The salary is negotiable, and togetherwith a company 
car will be backed by the fringe benefits expected in 
Banking. 

Please write with comprehensive CV, to: 

Ian Eaglestone, 

Yfice President, Personnel. 

The First National Bank of Boston, 

5 Cheapside, London EC2P 2DE. 




178 ? 


PORTFOLIO 
MANAGER 

(U.K. Equities) 

LONDON 

National Provident Institution is a leading life 
assurance company witha substantial investment 
portfolio. Asa result of growth in the number and size 
of funds under management, we are seeking to appoint 
a suitably experienced person to take specific 
responsibility for the management of a number of our 
ILK equity funds. 

Candidates, in die preferred age range 27-40, 
should have had experience in the successfiil 
management of institutional equity portfolios. 

An attractive remuneration package will reflect the 
experience and background of the successful candidate. 

Please apply, in writing, in the first instance to:- 
W. Kingston, Personnel Manager, 

National Provident Institution, 

POBoxNo. 227, 48 Gracechurch Street, 

London EC3P3HH. 

— NFI1P— 

ITPAYSTOXSDRKWITH EXPERTS. 


WANTED IMMEDIATELY 
A COMMERCIAL 
FINANCIAL ADVISER 

Experience in: — 

1. Capital Investments 

2. Company Purchasing 

3. Commercial Law 

4. Capital Transfers in and out of the ILK. 

5. International Banking Procedures 
Applicant must have a degree in Accountancy with 
a minimum of 10 years experience. 

For interviews telephone between 
09.00 and 17.30 hours Wednesday 14th April 1982 
Dr. Tareq AI-Akeel 
c/o Churchill Hotel 
30 Portland Square, London W1 
Telephone: 01-486 5800 


International Appointments 



Director 
of Operations 


One of the largest financing companies in fee NeSiertanda 
Angles requires a Director of Operations to cany out the 
rA following major functions: 

• Debt Management 

Negotiation, documentation and administration of a 
wide variety of debt financings. 

• Asset Management 

Direct lending and inv estments in seoBifias, loans 
receivable administration. 


• Financial Market Information 

Continuing involvement In adapting Ihe latest . 
financial market techniques to the Company's 
requirements. 

You will report directly to the President/Managing Director. 
This company is extremely active in the financial markets. 
Qualifications tor this position should indude either finance 
company experience or an international banking 
background. An MBA degree would be benefidaL 

Send complete resume by airmail to: 

Mr. Omar Bdi, President 

Finance N.V. 

Santa Rosawag 55, Curacao, Netherlands Antilles 
Or, call us in the US. at (203) 965-4199 

An Equal Opportunity Employer m/f 






Funding Manager 

Middle East £50,000+ 

An Important Middle East financial institution has 
retained us to identify a bright, strategic Funding 
Manager. The successful candidate will have primary 
responsibility for minimising the cost offends to the 
company and for managing the liability side of the 
company’s balance sheet. 

OorcEent seeks an individual' with an excellent 
ff dv ration al background, including a university degree 
and preferably an MBA. He -will have had at least seven 
yean experience in the funding sideof a bank or another 
suitable linanrial institution, "with emphasis on strategic 
planning as opposed to ttacBngJfaDcoafiiy and age are 
tmfmp nrfcmt hutlie must have the maturity and Tkgi» . 
IriKty to adapt to a mnltmational living and wtaking 
environment. 

This is a vety important poririon in aprivatdy 
owned, profit oriented institution and the compensation 
package being oSttcd will include a generous base salary 
free of local tax, an incentive bonus, anda wide range of 
fringe be ne fits. 

Replies to he sent in strictest confidence to: 

Sl J ames’s Corporate Consulting, 

Box FT/733,St James’s House, 

4/7 Red Lion Coraq fleet Streep London EC4A3EB. 


An opportunity in 
International Trading 

We are a successful Company exporting into Africa and 
the Middle East. Operating as a small independent sub- 
sidiary of a UK manufacturing group, we plan to expand 
our activities primarily in the Francophone zone of Africa. 

We seek a person with genuine trading experience in that 
area, who will travel there periodically to obtain business. 
You should be fluent in commercial French, and be experi- 
enced in all aspects of trading in consumer goods. 

We offer a good basic salary plus substantial bonuses linked 
to individual success. 

Please write with full details of your background and 
experience to: 

David Jones, Managing Director 
SMITH & TYERS LIMITED 
14 Waterloo Place 
Lower Regent Street; London SW1 


Laing & Cruickshank 

PRIVATE CLIENTS DEPARTMENT 

An opportunity has arisen for an ambitious person, aged 22 
to 28, to become a Partner’s Assistant. 

The successful applicant will ideally have 2 minimum of 
two years’ experience of providing investment advice to 
private invest o r s and have passed, or c ur re n riy.be studying 
for, riie Stock Exchange mcmhcaahg eranririatioais. 

If yon wish no apply write to: 

X F Macartney, Laing & Cnridcshank, 

The Stock Exchange, London EC 2 N 1HA. 


ASSISTANT INVESTMENT ANALYST 

An Assistant Invostmont Analyst/Sscraiary is required to expand the 
firm's coverage of the Proparty/Building Sectors. 

We arc seeking a candidate with a goad academic background and with 
preferably two ID three years* experience in atockbnaking or a similar 
commercial onvironmem. 

An attractive remuneration package is offered together with encouragement 
for further career development. 

Written applications will bo treated In confidonca 
and should be sent to 
The Staff Partner 
MESSRS. SCHAVEHlEN & CO. 

18> a Sekforde Street. London EG1R 0HN 



International auditors 


Worldwide Travel 


Paris base 


An American industrial and consumer goods 
group with sales in excess of S 5 billion 
maintains a Paris-based operational audit 
department covering worldwide activities 
outside North America. 

Opportunities exist in this multi-lingual 
department for candidates possessing: 

— experience with a major international audit 
firm 

— fluency In English plus at least one other 
European language 

— complete freedom for travel 

The position, which has an excellent salary, 
offers first class experience and long-term 
prospects with a multinational group. 

Please send a career summary and details 
of current salary under reference 8745 to 
Organisation & Publicity - 2, rue Marengo - 
75001 Paris - FRANCE. 


INTERNATIONAL BANK 

Located in Paris 


MARKETING OFFICER ■ 

with 5-10 years' banking experience 

Candidate should have strong business development skills 
and experience in the international commodities and the 
trade finance areas. Fluent English and French required. 

Please send c.v. to Box A.7816, Financial Times 
10 Caiman Street, London EC4P 4BT 


TEACHER WANTED 

QUALIFIED APPLICANTS ONLY 

for privpr* tuition or businessmen in Germany tor 3 month! or longer. 
Accommodation provided. Knowledge of German -prefare bio but nrt 
•uonticJ, Applications to: 

RUDOLF BUETTNER 

0-634S Eeshenburg 4. Krrzenftafn Bhf, Ufeat German* 

Tel: 02770/872 end S73 



International 


Banking 


The International Division of this specialist Bank Recruitment Consultancy 
Carnes a wide ranging portfolio of assignments including the following 

BAHRAIN 


M\ 


.L & •. 


CREDIT 

Head of Credit. 

Corporate Lending Officer ...*$40,000 

Credit Officer 

MARKETING 

Manager Correspondent Banking .$55,000 

Marketing Officer... 

INVESTMENT 

Portfolio Manager • $60,000 

EuroboildTra'der(FRN's) 

Bond Sales/Placing Officer neg 


TREASURY 

Senior Management IIwiiiH 

Chief Dealers JSSS 

Senior Dealer.. 

AUDIT 

Assistant Chief Auditor « * ‘ SMS5 

Risk Asset Examiner 

.. 

Assistant Manager 

Junior Officers 


All the above positions offer a tax free salary and provide free furnished accommodation, car or car allowance, free medical and life 

insurance plus annual return family air fare. 

Innothfln Wren PIaase senda detailed cunfeufom vitae to Roy Wren &_ CdJEM, 

vUllCl »■ 1 nMm uwwm a /nterna0onal Division. J 70 BishopsgatB, London EC2M 4LX. T a/.0J-623 7 266. 

Banking Appoint mantS NO identities divulged without pemussiorh- 


Vacancies are available in a leading national 
bank for the posts of : — 

1. — Foreign exchange and funding manager a 

2. — Dealers . 

3e — An executive secretary who masters both Arabic and 
English . 

Applicants should have banking experience in the above mentioned fields* 

Applications will be dealt with in confidence * 

Address: P.O. Box No. 3244, 

Sharjah, 

U.A.E. 


INTERNATIONAL 

APPOINTMENTS 

APPEAR EVERY 
THURSDAY 

Rate £29.00 
per Single Colnnrn 
Centimetre 


APPOINTMENTS 

WANTED 


KENYA 


General Manaow Of wtU-known agro* 
Industrial company la Kenya, with rons 
•uparlcnca In Industrial and commercial 
managed! aot In several countries, seeks 
opening In similar capacity. Has scenes 
to large warehouse complex around 
cltr centre. Would act as agent to 
manufacturers for storage, distribution 
and marketing of fwttllswa and otfiw 
agricultural products. Can offer oAc« 
and telex facilities, with experienced 
narsowjeli. able ta act aa commission 
agent. for aaporti import activities and 
general trading. Belgian citizen, resl. 
dent m Kenya, available almost Imme- 
diately. 

Reply to: P. Landuvt. P.O. Bax 1 SMI, 
Nairobi — tbe. 22015 mkato ken.. 


EXCEPTIONAL W. Yorks, middle-aged 
salesman i eacet. raOUlrsa position iigancv. 
Write Beat A.7B30. rtunclel Times. 
10. Cannon Street. EC4P 4 BY. 




INTERNAL AUDITOR 

SAUDI ARABIA 

A qualified Accountant (A.C.C.A., A.C.A.), is 
required by a major Construction Company in 
Jeddah, Saudi Arabia. Candidates must have 
extensive internal auditing experience and be 
capable of introducing, establishing and 
supervising an internal audit department. 

Applicants mustbefluentArabicspeakingandArab 
nationals would be preferred. Qualifications must 
have been obtained in UK or equivalent standard. 
Excellent prospects for Professional Auditor with 
drive, .enthusiasm and ability to motivate/ 
communicate with all levels of staff. 

The successful candidate will be offered a top rate 
contract package and salary will be negotiable. If 
you are qualified, speak fluent Arabic and have the 
relevant experience please send fully detailed CV 
and recent photograph to:— 


A J White 

Recruitment Manager 
KAL Enterprises (UK) Limited 
40 Upper Brook Street 
London W1Y 1PF 



SWITZERLAND 

THE BANK FOR 

INTERNATIONAL SETTLEMENTS 

an international institution in Basle, 
has a vacancy for a 

YOUNGER EDITOR 

in its Press Service 

mainly to assist in compiling the Service’s English-language 
news report anti other documents for internal information 
purposes. 

Candidates, must ■ have a perfect command of English 
(mother tongue) and be very proficient in French and 
German. Knowledge of other foreign languages (particu- 
larly Italian) useful. Thorough grounding in economics 
with emphasis on central-bank policy and practice and 
international monetary affairs. Ability to translate 
challenging texts on economics' and related subjects from 
■ the above-mentioned foreign languages into English and 
also to make English summaries of such texts. 

Further requirements are au ability to work speedily and 
under pressure, flexibility and adaptability, team spirit 
Candidates must also be prepared to start work early 
(7X0 a.m.1. 

The Bank offers a good salary, first-class pension and 
welfare schemes and other ancillary benefits. Excellent 
sports facilities available for staff. 

Applications giving full details (c.v., copies of testimonials 
and a photograph) should be sent to the Personnel Manager, 
Bank for International Settlements, 4002 Basle, Switzerland. 


EUROPEAN SALES 
MANAGER 
Micro-Computer 

“Explosive Growth" 

Creates New Opportunities To 

Build Your Own Sales Team 

If you ratokteg tor anew begmnbQ that offers growth, chafianga and exc&a- 
ment, CORVUS SYSTEMS proWdasai of then and morel As woridteadarslrt . 
Wnchaaw mass storage, advanced rwmtk systems and peflpheratetor tha 

mcrtHannpuier market, CORVUS plans to open Its Ural European Sales Office 
thte simmer, creating an immedtate opsninQ lor a ouaUfied sates manager. 

JNougti an adsfog cenprahansto attribution nah^w^pwfclee the 
base from which ws plan to continue our rapid growih, your raspcrsiWWes 
w« include altaHng sales objectives, management at eB European aofitftes, 
and rn aKgnanoe a customer s atisfaction. You jhqub hare I ffiowitodgagnd 
experience In sates and jnstafaftm of iri c rocanputer systems ‘and ex- 
pffltenca wfth computer rataSets end dstributori Famiarily wflh apfcatbn 
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Ws are currently schedulng ntenriews in Europe for frnfl to tats AoriL Contact 
Diane Smart at COrws Svsiems, 2029 OToote Are, San Jose. CA 85131, 
USA Phene. (406) W6-7700 Tetec 278975 CPVS 

CORVUS SYSTEMS 










FSiranaai Times Thursday April- 8 1982 


BBC 'l 


TELEVISION— THURSDAY 


9-10 am The WonJhles. 9.15 
Jackan6ry, 9.30 The Banana 
Splits. - 10.00 Why Don't You 
. . 19151U5 Office for the 

Royal Maundy; Tbe'&tdbutioii 
of Ihe : Royal Maundy at the 
Cathedral Church of St David's. 
Dyfed, by The Queen. 12.30 pm 
Neva After Nogn. 1.00 Pebble 
Mill at One. 1A5 Chock-a-Block. 
2.00 Great. Britods: Thomas Cook 
and- his Son. 3.00 Men v Women: 
International Golf Challenge. 
3.53 Regional Neves for En gland 
lescept -London). 355 Play 
School- - A20 Ihe Drak Pack. 
4.40 The LittTest Bobo. 5.05 
John Craven’s Nevrsrounfl. 5J.Q 
Blue Peter. 

5.40 News. 


Chris Dunkley: Tonight’s Choice 

' Tibet was a forbidden country unknown to Western eyes at 
the be ginnin g of the 20th century. Even in the first 50. years of 
this century it was visited by very few, but fortunately some 
recorded their visits, on film. However the doors so recently 
opened to' a privileged' few -were firmly dosed when the Chinese 
invaded. “ Tibet: the bamboo curtain falls,” the second of BBC 2*s 
two World About Us: films, tells the story of the old Tibet- 
The Chinese had always claimed the country as part of 
though it was a claim they had rarely been able to enforce. But by 
1950 there was a new world order. The British had left India 
and in China the Communist revolution had swept an before it; 
Tibet, ft was declared, was the next to be “liberated.". 

Compiled from both Chinese and Tibetan films, this pro- 
gramme shows for the first lime on television what went on after 
6.00 ' the Cbmese takeover. Ic includes the journey the Dalai Lama 

-5.25 Nationwide. jnasazffles - - made to Peking m 1954, the uprising of fee Tibetans against the 

Chinese, and the final flight into India of 100,000 Tibetans. When 
a; delegation of exiles returned recently from a three-month tour 
of Tibet they brought bgck film showing a culture so completely 
destroyed, that of some 3,000 monasteries only parts of 13 seem 
to have survived. 


7- 00 Tomorrow’s World, 

7:25 Top- of the Poj* with 
Simon Bates. . 

8- 00 The Kenny Everett Tele- 

vision Show. 

830 Love Storys Love Is. Old, 
Love Xs New: A serial in 
four parts starring Jane 
Asher and James Fox. 
9.00 News. 

'935 -Badger by . Ovrt-Kg&t: 

.starring Cavan Kendall. 
1035 Question Time with. Robin 
Day. -- ' 

11.15 A Kick Up The Eighties: 

starring -Richard Stilgoe. 
UL43 News Headlines. 

1145 So You Want To Stop 
Smoking 2i Preparing to 
Stop. 


11.00-1135 am Play School. 
1335. Greta Garbo in “Ninot- 
chka." ■ 

530 Caught in Time. 

15-40 Hawk of the Wilderness. 
6.00. Cartoon Two. 

635 Sorry. Mate, I Didn't See 
You. 

630 Comity HalL 
635 One Hundred. - Great 
Paintings. 


7.05 News Summary. - 
7 JO Haydn Festival. 

8.00 Wagner in Italy. 

- 830 The World About Us. 

3.00 Call My Bluff. 

930 Heart Transplant. 

1030 The Old Grey Whistle 
Test 

10.45 Newsnight 
1130-1230 am V3giL 


LONDON 


930 am Easter Day Horse 
Parade. .945 Dick Tracy Car- 
toon. 9.50 “Peter Lundy and 
the Medicine Hat Stallion,” star- 
ring Lief Garrett. 1125 Paint 
Along With Nancy. UL55 The 
Bubblies. 12.00 The Woo fits. 
1230 pm Get Up and Go! 1230 
. The Sullivans. LOO News with 
Peter Sissons, plus FT Index. 
130 Thames News, with Robin 
Houston. 130 Crown Court. 
24)0 God and The Artists. 245 
Cribb. 345 The Cuckoo Waltz. 
435 Road Runner. 430 Little 
House on the Prairie. 535 
Emmerdale Farm. 

5.45 News. 

6.00 Thames News wife 
Andrew Gardner - and 
Rita Carter. 

630 Thames Sport* 

7.00 Looks Familiar: 

730 The Jim. Davidson Show. 

8.00 Falcon Crest, -starring 
Jane Wyman. 

94)0 Janet and Company, star- 
ring Janet Brown wife 
guest star Terence 
Alexander. 

930 TV Eye. 

104)0 News. 

1030 Danger UXB. 

1130 Parent and Teenagers. 
12.00 What The Papers Say. 
1235 am One Man’s Easter, 
wife Don Cupitt and 
Marghanita LaskL 
t Indicates programme 
in black and white 


BUSINESS LAW 


Ghost of ‘Sleeping Dogs 5 


BY A. H. HERMANN. LEGAL CORRESPONDENT 


-All IBA Regions as London 
except at fee following tfanes>— 

ANGLIA 

9JD am Ssaanta Stmt. 1030 Spread 
Your. Wings. 10J5S Stingray. 11J5 The 
Flying Kiwi. 1150 Wettoo. Wsttoo. 
1JO pm Anglia Haws. 2D0 Hot For 
Woman Only. 430 Pslmantown. 0.00 
About .Anglia.' 620 Arana. 635 Cross- 
roads. 7.00 Survival. 10 JO Basket ball. 
11.00 Parents and Teenagers, 1U0 Lou 
Grant- 1235 mm The Davidson File. 

CENTRAL 

935 am 3*2-1 Contact. 9.55 Gardening 
Time. 10.25 Falcon' Island. 1030 Rugby 
Rouses Mb. 11. IS Return Journey. 
123) pm ' The Young- Doctors. 1.20 
Camral News. 4X0 Sport Billy. 4.45 
Josan of Star Command. 5,15 Hera's 
Boa mar. 0.00 Crossroads. 6.25 Caniral 
News. 7.00 Emmerdale Farm. 730 
England Their .England. 1030 Ventura. 
11.00 Central News. 11 .05 TH niter: “.The 
Death Policy." 


GRAMPIAN 

930 am Rrat Thing. 9.25 Project UFO. 
10.10 The History -of tha Motor Car. 
1035 The Adventures of Mko.. 11.00 
Sesame Street. 120 pm North. News. 
6.00 North Tonight. 630 Police News. 


63S Crase roads. 7.00 Private Beniamin, 
1030. Love American Style, 11.06 Psranjs 
awd- fheneg ets. 1136 Sedchd Lartbean. 
1230 North Headlines. 

GRANADA 

830 era Geography Today. 930 Sting- 
ray. 10.10 Alphabet: The Story of 
Writing. .1035 Bailey's Bird. 11X0 
Sesame Street. 130 pm Granada 
Reports. 130 Exchange Flags. 2.00 
Crown Court. 230 Yesterday. 430 
Here's Boomer. 4-50 Voyage to the 
Bottom of the Sear. 6.00 This is Your 
Right. 6X5 Crossroads. 630 Granada 
Reports. 7X0 Emmerdale Farm. 1030 
World in Action Special. 11.00 Benson. 
.1130 What The Papers Say. 11XO Lets 
Night From Two. 

HTV - 

9.4S am Kum Kum. 10.05 Roadrunner. 
10.10 Wild. Wild World of Animals. 
1035 Stingray- - 11X0 Sesame. Street. 
1-20 pm HTV News. 3.45 Square One. 
4.15. Hera's Boomer. 4-40. The Flying 
Kiwi. 5.05 Jobline. 5.15 Benson. '6X0 
HTV News. 636 Crossroads. 7.00 
Emmerdale Farm. 1028 HTV News. 1030 
Sporting Print (Tom Graveney). 11.00 
Lou Grant. 

HTV CYMRU/WALK— As HTV West 
except — 12X0-12.1D pm Mwstf. 4.15 
Murphy's Mob. 4X6 Ssr. 5.10-5.15 
Cartoon. 6X0 Y Dydd. 6.15-635 Report 
Wales. 1030 Sports Arena. 11X0 That's 


■ The Way It Was. 11.45-1215 am Super. 
star Profile {Donafd Sutherland) < 

SCOTTISH 

930 am Patterns. 1935 Thursday 
Matinee: “ Histoty of Mr Polly." starring 
John Mills, Megs Jenkins and Sally 
Ann Howes. 1135 The Little Man. 
130 pm Scottish News. 430 Un- 
accustomed As I Am. 530 Crossroads. 
6.00 Scotland Today foltowsd by Body, 
fine. 630 Benson. 7X0 Emmardale 
Farm. 1030 Preview. 11XO Parents and 
Teenagers. 11.30 Seachd Laithaan. 12.00 
Late Cell. 12X6 m Barney Miller. 

TSW 

935 am The Sun Dancing'. 9X0 
Sesame Street. TOAO Alphabet The 
Story of Writing. T1XS Thoadeibhds. 
11X5 The Undersea AdrtMurai of 
Captain Nemo. 130 pm TSW Nepra 
Headlines. 5.15 Gut Hon Bjfeufl's- Magic 
Birthdays. 530 Crossroads. 6X0 
Today . South West. 630 What's 
Ahead. 7X0 Benson. . 1032 TSW Let* . 
News. 1036 Contrmeraey. fIXS 
Parents and Teenagers. 1130 In Con- 
cert. 12X0 Paris by Night. 1235 an 
Postscript. 1230 South wept weather. 

TVS 

935 am Kisd Kum. - 10X0 Survival 
Special. 10.50 Terasn. 91X5 European 
Folk Tales. 130 pm TVS News. 2X0. 


Not For Woman OnJy. 5.15 Reffio. 
530 Cosst to Coast. 6.00 Coast to 
Coast (cent.). 638 Crossroads. 7.00 
' Emmardale Faso. 1030 In the Mouth 
of the Dragon. TIXQ Parents and Teen- 
agers. 1130 Strumpet City. 1235 am 
Company. 

TYNE TEES 

93D am Tha Good Word. 936 North 
East News. 930 Tha World We Live in. 
9X6 The Dune- Bull. 1036 Morning 
Movie: "Grasshopper Island" starring 
Julian Orchard. 11X0 SaUy and Jake. 
13D pm North East News end Look- 
arouird. 435 Cartoon Time. 430 The 
Lone Ranger. 4X0 Voyage to the 
Bottom of Ihe Sea. 6.00 North Eaet 
News. 6X2 Crossroads. 635 Northern 
Life. 7X6 Emms t-date Farm. 1030 
North East News. 1032 Job Slot 
Extra. 1035 Bizarre. 11X6 Come In. 
1135 Wednesday. 1135 Four Faces of 
Holiness. 

YORKSHIRE 

930 am Lany (he Lamb’. 9X0 
Sesame Street. 10 M Alphabet: The 
Story of Writing. 11.05 Young Ramey. 
71X5 The Undersea Adventures of 
Captain Kamo. TJC pm Calendar 
News. 43D Sport BiHy. 4-46 Unto 
House oo the - Prairie. 6X0 Calendar 
f&ntey Moor end D efmon t editions). 
636 Crossroads. 7.00 Emmwdele Farm. 
1030 HW Street Blues. 


(S) Stereophonic broadcast 
{when broadcast on vhf) 

RADIO 1 \ 

5X0 em As Radio 2. 7.00 Mike Read. 
9.00 Shnon Bates. ' 1130 Davs.. Lee 
Travis. 200 pm' Paul Bumea. 330 
Stave Wright. 5.00 Peter PowsV. 7X0 
The Record Producers. *8.00 Desrid 
Jensen. 10X0-1200 John Peal In 
Liveipod fS). • 

RADIO 2 . . 

5X0 ant Cofin Bony. .730 ftoy- 
Moors. 10.00 Jimmy Young (SJ. 12X0 

3&SrS88a32’& 

News:- Spurt. 6XO John Dunn (S).- 
8X0 Country CitibwJth WsJSy Whyron 
(5). 9.00 Atsn Dell whh Ihe. Big 

Band Sound fS): 9X5 Spans Desk. 
10X0 Hw' News Hiiddlfnes. 1030 Star 
Sound- fiefra with Nick. -Jackson. 11X0 


RADIO 


Brian Matthew with Round Midnight. 
-1.00 am. listen to the Band (S). 200- 
5XO You and tire Night Bod the Music- 

(SJ- 

, RADIO 3 

-. 256 am- Weedier. 7X0 News. ■ 7.06 ‘ 
Moming Conceit (S). 9X0 News. 8-05 
Morning Concert (com.). 9.00 News. 
9X6 This . Wade's Conrpcaor Chopin 
<S>. 10.00 Medici Qoemt (6). 1050 
Nun Wahl: Symphony No. 2 (5). 

-Ln* fiMtom PiMo-! MUSid- 
BouQinmoanti" ~ Sjwaqfrtmy. 
pert 1- (S) . 1X0 pm Nm. 1X6 

Bournemouth ' * Sjenphony Orchestra, 
pert 2 (S). 1X5 BBC Northern Singem 
(S). 235 Music- (or Viola and Harpsi- 
chord (S). .335 British. Manic- (5). 
4XS News. ' 5X0 M*fn*y for Pleasure 


fS). 7.00 Taro Czech Camampoieriea- 
(S). 8.00 "Solidarity.'* play by Gareth 
end Victoria Jones (S). ' 10X0 
Beethoven ’» Archduke Trio (S). 10X0 
Goetiia— Ihe German Miracle (talk: by. 
Thomas Matin, first broadca s t in 1 &»). 
71X0 News. TIX5-H1.15 Biber (S). 

RADIO 4 


1130 


_ 6-10 Farming 1 

635 Shipping Forecast. 630 


6.00 mp News Brisling 

Today. 635 Shipping 

Today. 833 Ya e rar dey in Psriiwnem. 
« WK ' 8Xl^(WM>4iriati«^co n tine nta f travel. 

9.00 Nowb. 9X6 A Good fSgbt Out. 
930 The (Ming World. “ 10.00 News. 
10X2 The St igpS&r. 10.15 Town 4*a 
Rutos OK? UMO The Queen Distiibutas 
tire Roysf Maundy at the service in 
St. David', Cathedral, South Wales 
<S). 11X5 -Enquire Within. 1200 


12X2 pm You and Yours. 1237 
Brain of Britain 1SBZ ($). T?-S5 

Weather, travel, programme news.' 1.00 
The World ss One. 1.40 The Archers. 
1-55 Shipping forecast. 2X0 News. 
202 Women’s Hour. 3X0 News. 3.02 
Afternoon Theatre. 4X0 News. 4*02 
Sweet Spring. 4.10 Boofcebelf. 4-40 
Story Tune. 5.00 PM: News magazine. 
5J50 Shipping fomcseL 535 Weather, 
programme news. 6X0 News includ- 
ing Financial Report. 630 Any 
Answers? MS If s a Bargain. 7X0 
News. 7X6 The Archers. 730 Not 
Thee jt Masers. 730 Concert Pretoria 
fS). 6X0 Celibidache and Mechel- 
sngeM ppneere from tha Royal Fes t i v al 
HMI. London (part Ijf (S). 830 A 

Pleeelng Memorial. 250 Cetibldecha 
and Michetangeli concert (part 2) fS). 
9X0 Keleidoseope. 939 Weather. 10*00 
The World Tonight. 11X0 A Book st 
Bedtime. 1T.15 The Financial World 
Tonight. T130 Today In Mrament. 
12X0 News. 


BBC 1 


9.45 am The 'Wambles. 950 
Jackanory. 10X5 Hie Banana 
Splits. 1035 Why Don’t You . . . ? 
114)0 The Road to the Cross: Tbe 
Rugby town centre churches join 
in an unusual Passion Play. 12.00 
“ Courage of Lassie ” starring 
Elizabeth Taylor, Frank Morgan 
and Tom Drake. L30 News After 
Noon. 1.45 Heads and Tails. 2.00 
“The Wonderful World of the 
Brothers Grimm” starring 
Laurence Harvey, Claire Bloom 
and Karl Boehm, 4.05 The Bells 
of Astercote. 

5*00 News. 

530 “ What's Brewin’ Bruin? ” 
(Cartoon) London and 
South-East only. 

£20 Robert Brothers Inter- 
national Circus. 

£20 “Chitty Chifty .Hang 
Bang ” starring Dick Van 
Dyke and Sally - Ann 
. Howes. 1 

8.40 World Superstars 1982: 

9.48 News. • 

10.00 Tbe Wondrous Cross: The 
Passion of oar Lord com- 
memorated in words and 
music from.'.- Brecon 
Cathedral. 

1030 The Late Kim: “The 
Secret of Santa Vittorra ” 
starring Anthony ' Quinn, 
Anna MagDani-.and ,Vima 
List ‘ . 


TELEVISION— GOOD FRIDAY 

Chris Dunkley: Friday’s Choice 

Being a Bank Holiday the day’s sehedules are full of material 
supposedly suitable for all fee family, from circus to old movies 
of which are third rate, though Anna Karenina on BBC-2 in fee 
afternoon -rises to second rate- It’s certainly not one of Garbo’s 
best Be wanted feat Yon Can’t Take it With You, also on BBC-2, 
is not the 1938 Frank Capra movie, but a recent uninspiring 
remake. 

There- are Just two progra m mes which sound worth taking 
some trouble to see. both musical. First, Parsifal again on BBC-2. 
Arranged, in three parts running to nearly four hours, this will 
be . the first time that British television has carried a complete 
Wagner opera from Bayreuth. There is simultaneous stereo 
sound on Radio ‘3. - 

rnrs “ South Bank Show Special ’* is fee third of Tony 
Palmer's film biographies of modem composers. The first two 
oh Benjamin Britten and William Walton both won the Prix 
Italia for television music programmes. Subject of today’s pro- 
le (which is in two parts, the second part tomorrow) is 
who died in 3971. His centenary is celebrated this year. 


BBC 2 


lLOO-UiS am Play ScfcooL 
1.50 pm Caught in Time. 

230 Nat Jackley in The . Old 
- Boy Network. 
f2-50 Greta Garbo as Anna 
Karenina.” . • • • 

420 “Parsifal ” sung in .Ger- 
man: Act 1. 

630 Gardener’s World. . 

635 “Parsifal,”. Act 2.; 


7.45 News Summary. 

730 One Hundred Great Paint- 
ings. 

830 “Parsifal,” Act 3. 

9.10 “You Can’t Take It With 
Yon.” 

. 1030 The Wooldridge View. 
11.40 Late News. 

1130-1230 am-VigiL 


LOFUDOfU 


930 am Song Book. 9.40 Once 
Upon A Time. 935 Cartoon Time. 
10.05. “Robinson Crusoe and the 
Tiger” starring Hogo Stiglite. 
12.00 Freetime. 1230 pm I Am 
The Great Sun (A meditation for 
Good Friday, narrated by Jodi 
Dench and Roy Dotrice).' 1.00 
News with Peter Sissons. L05 
Frank and Polly Muir's Big 
Dipper. 130 Filming the Impos- 
sible. 235 “Paper Tiger” star- 
ring David Niven, Toshiro Mifune 
and Hardy Kruger. 430 Doug 
Henning’s World of Magic. 5.15 
Film Fun presented by Derek 
Griffiths. 

5.45 News. 

630 “The Three Musketeers” 
starring Michael York, 
Oliver Reed, Raquel 
Welch and Faye Dunaway. 
8.00 Family Fortunes pre- 
sented by Bob Monk- 
house. . 

830 The Gaffer 
930 Well Meet Again 
1030 News. 

1035 Stravinsky — A South 
Bank Show Special pre- 
sented. by Melvyn Bragg, 
1130 Mannix. 

1230 am One Man’s Easter: Don 
Cupitt in conversation 
with Marghanita LaskL 
t Indicates programme in 
black and white 


All IBA Regions as London 
except at the. following times: 

ANGLIA 

950 am Tha Adventure* of Brack 
Beauty. W.15 Star Panda. 11.10 Tha 
Greatest Adventure. 1130 pa Friday; 
Late FUm: " A Tim* for- Giving/’ rtar- . 
ring David Janssen,' 130 an .Tha 
Davidson File, . 

BORDER 

9.E6 am Sesame Street. 10.55 Anl- 
ineted Classics. 11.45 Poetry of » 
Landscape. 6X0 pm.- Film: " Planet of 
tha Apes," Charlton -Heston and Roddy 
McDowall. 1130 Danger UXB, 

CENTOL 

9. SO am 3-2-1 Contact. 1030 Falcon 
Island- 10X5. Tha Now Accoferetnra. 
11.10 The Greet Adventure. 1130 pm 
InvHatian ta . Robbery. ” Tha Bnrgiaai " 
starring Omar Sharif, Jesn-Paul Bate 

pwndo and Dysn Cannon^ - 


. GRAMPIAN 

935 8m First Thing-. 930 Seng Boole, 
9.40 One* Upon a Time. 9X5 Feature 
Rim: "The Long. Ships.” - starring 
Richard Widmarlc, - Sidney Poitier and 
Ruse Tamblyn. 6.00 pm Noah Tonight 
including Sports Desk. 7.00 Charlie's 
Angela, tl.15 Streets of San. Francivp. 
1216 am -North Headlines and Hoed 
Report, 

GRANADA 

. 9XG am Tha Legend of Los -Tayos. 
10X0 Spldeiman. 1T.0D .Sesame Straer. 
6.00 pm* ” Planet of the Apes. . 1130 
The Late RImr " Castit Keep,”- alar- 
rlng-Bure UntBjter.^ . 

. HTV 

. . 935-am. Roadrooriar. _ 10.00 Survival. 
1030 " Puftiatuf." .1130 pm Thriller: 

one. Deadly-. -Owner:* scarring Donne. 
MJIia. 

HTV CYMRU/ Wales,. As KTV West 


except : 9XO-9AO ran Beth Am Stori? 
1230-1 -OP pm Y Uydd Hwmrn. 5.15- 
5X5 Mr end . Mrs. 

SCOTTISH 

955 pro Fsngface. 10.16 Friday 
Matinee : " The .Three Musketeers ” 
starring Michael York. 'Oliver Read. 
Raqual Welch and Faya Dunaway. 
5.15 pm Mr and Mr*. ' 6X0 Scotland 
Today. 630 Sports Extra. 6.45 Hear 
Here. 7X0 Ghariia'a Angels.- - 1130 
Way* Bnd Means. 11X0 Bizarre.- 1230 
am Late Call. ' 

Tsw 

9J5 am Song from tha Cross. 9.55 
"The World of Sozis -Wong," starring 
William Holden and Nancy Kwan. 1137 
Gus Honey bun a Magic Birthdays, 5.15 
pm Emmardale Farm. . T130 Continental 
Cinema: " The Thlnga of Ufa." 1245 
am Postscript. 1250 
Weather. ■ • 


TVS 

9X5 am " Ivanhoa.*/ starring Robert 
Taylor, Elizabeth Taylor and Joan Ftin- 
talne.- 11.40 The Poppy’s Great Ad- 
venture. 5.15 pm Sale of the Century. 
1130 Lou Grant. • 1215 ran Company. 

TYNE TEES 

935 am The Good Word. 9X6 Sting- 
r *y. 1025 Morning Movie— " A Circle 
G( Children/’ starring J m Mrandfii 
and Rachei Roberta. 11.15 " Nightmare 
m Chicago, starring Robert Ridgaly, 

Sm 88 SSf*. and Ph[li P Abbott 
1240 am Poet's Comer. 

YORKSHIRE 


9X6 an Cartoon Time. 10X5 *' Las 
Miserable* " starring Richard Jordan 
and Anthony Perkins. 6.00 “The Wind 
and the Lion," starring Sean Corine rv 
South West with Candice Bergen. 1130 Pro-Cele- 
brity Snooker. 1205 am Ladies' Man. 


ItSl 8*M*ophoaic~ btoadoast ^whot< 
broodca at on vbf), 

RADIO 1 

530 bm As Radio 2 730. Peter 

Powell* 830 Simon Bans. TL30 Qsve 
Lae Travis. 2X0 pai Paul Bumea. 230 
Stave Wright. 5.00 Marathon Music 
Quiz. 530 NnrabaaL 5X5 Roundtable^ 
730 Andy Pm bias. 1030 The Fridax 
Rock Show (S)*, 1200-7.00 am-Mare- 
tfaon Music Quiz.' 

RADIO 2 

5.00 am Colin Bany (S). 200 David - 
Jacobs. 8.07 Sports Dealt. TO , 00 Tom. 
Jones. . 11.00 A Cockney Morning- Iram 
tha Barbican HaB fS). 12X6 Nick Page. 
(5). 130 pm Anna Murray in Concert 
at tbe London . Palladium fS). 202 
Snorts Desk. 2X7 Ed Stewart (S)1 4X0- 
David Hamilton ($). 8.00 John. Dunn . 

{$). 8.00- Jim Mac load and Itia band at 

the Radio 2 Ban mom (5) H . 8.^- Friday 
Night is Music Night (S)., 9.86 Sports 
Dealt, 10.00’ Tbe Randopr Jottings of • 
Wnge arid Bracket. -1930 Anything -far ' 
4 Laugh, 11X0 Sria^. MMtitMT pvitif 




Round Midnight. 1.00 am Night Orate 
(S)i' 200’ Star Wars <8). 227-6X9 
jYou and the Night and the Mode (SJ, 

RADIO 3 

6X5 am. Weather, 7X0 News, 7X5 
Morning Concert (S). ’ 8X0 Haws. 8X6 
Morning Concert . (continued). - 9X0 

Now*. »-05 This Week’s Composer. 
Chopin fS). 10-00 Vienna Philharmonic 
Orch extra concert. Part 1 (S). 10.25 

Interval Reading* -KUO Concert,, part 
2 11.45 Alicia 'da -Lapraolu piano re- 
dial (SJ. 1230 pm Domenico Scar- 
latti: " Stabar meter " - performed by . 
the BBC Northern Singers (S). 1.00 
News. 1.06 Walter Suaaklnd end tha. 
Haifa Orchestra concert, pert 1 (X). 
1X5 Interval Reading. . 2Q5 Concert* 
part 2 .-265 The Sevwt -Lest Words 
ofrOur Saviour op the Croea by Haydn, 
yrith modem oommentariae. written and 
reed by 'John Bowfceq (5)i 43). 

'•garalteij” Sacred jnrnle drama In . 


three acts by Wagner, In the 1381 Bay- 
reuth. Festival production, (SI. -Act 1 
{simultaneous broadcast with BBC 2}. 
8.10 Tbs Dasire and Dream of a Ufa- 
time. R. D. Kemohan looks st noma 
of the Vlptorfans who mads lira pil- 
grimage to the Holy-land. 6 X 0 "Par- 
sifal," Act 2 (8). -7XB Interval Reed- 
ing. 8.00 T Pareftei." Act 3. 9.10 

Tha Shame, and tha Beauty; Photo- 
grapher Don" McCiimri- Hi" conversation 
with Edward U«sio-Sinith. 10.00 Mono 
Duets (S). 1130 News. - 11X5-11.15 
Psieatcins (S). 

RADIO 4.: . 

6.00 am News Briefing. 6.10 Qgar 
(S). 635 Shipping Forecast, 63) To- 
day. 8X3 Yesterday ip Parliament, 8X7’ 
Weather, travel, continental travel. 9.00 
'News. - 9.05 Desert i stand Discs (S). 
9X5 A -Sideways- lsofc v er- „ . * -by 
Anthony Smith. 10X0 Uteny and Ants, 
.Communion from the .Cathedral .Church 


of the Holy Spirit. Guildford (SI. 10x5 
Tha Stranger. TIX0 News. 11.03 You 
tire Jury (S)- 11X0 Bird of the Weak, 

££ c gW l- .“ «» You and Yours. 
1227 Frank Muir Goes Into . . . (S). 
1256 Weather- Travel, programme news. 
130 The World at One. 130 The 
Arehare. 1« Shipping Forecast 2X0 
test Hour. A meditation by Bishop 
Patrick Rama on tiia death of Christ, 
3.00 News, 3X2 Aftamoon Theatre (SI. 
4M News.. 4*02 Sweet Spring. 4.10 
Locally Speaking- 4X0 Story Tima. 5.00 
PM News Magazine. 6X0 Shipping 
Forecast. &X5 -Weather: programme 
news. 8X0 News. 63) Going Places 
visits tha International Motorcycle Show 
,in Birmingham. 7X0 News. 7.05 The 
Arehare. 73) pick of tha Weak (S). 
8.10 Profile. 83) Any Questions? 8.15 
Letter -from America by Alistair Cooke. 
93> Kaleidoscope-., Birgit Niles on In 
convaraatron -wrth Michael Oliver. a59 
Weather. 10.00 Tha World Tonight. 
1035 Three Plus One on 4 fSJ. 11X0 
A Book at Bedtima, 11,15 Chamber 
Jazz (S). TMS It la Rnlabad fS). 
A meditation tor; £©o4 firid ay, J200 
News. 


THE GHOST of the Bremer 
Vulcan decision,* better “known 
as “ The Sleeping Dogs ” case, 
is up and about, and doing 
much damage. This decision 
concerned an arbitration con- 
ducted wife such inordinate 
delays that after some u years 
fee respondents applied to fee 
High Const to have it stopped; 
witnesses were not longer avail- 
able and a fair decision could 
not be reached. • 

Sir John Donaldson, then 
sitting as a judge in fee High 
Court, granted their application, 
wfcich was co nfirme d by a 
unanimous Court of Appeal. 


But on further appeal to the 
House of Lords, be was 
reversed by a majority of 3-2. 
Lord Diplock found that the 
respondents did not do any- 
thing to prod fee plaintiffs into 
action. He said: “Respondents 
in private arbitrations are not 
entitled to let sleeping dogs lie 
anrf then complain that they did 
not bark.” 

This decision, which was 
regretted in this column when 
it was made in January 1981, 
has had disastrous effects. It 
has resulted in fee revival of 
references to arbitration which 
were thought to be long dead. 
It is causing the greatest con- 
cern, not only in the UK but 
also abroad: it puts at risk fee 
numerous foreign parties who 
bring their disputes to London 
for arbitration. 

London arbitration is now 
often as formal as litigation 
and tends to cost rather more. 
But, while a judge can stop 
litigation for want of prosecu- 
tion. he is not allowed to do 
the same in cases of arbitration 
because of Lord Diplock’s judg- 
ment in Bremer Vu lean. 

Imagine feat someone brings 
a claim against you which you 
consider worthless; he starts 
arbitration proceedings in fee 
hope that he wi M. win . some 
concessions from you, but you 
remain firm and he leaves you 
in peace. . Would you, under 
such circumst an ces, insist feat 
the axhiteatzon roost go on? No 
one does such a thing. Yet, after 
fee Bremer Vulcan judgment 
the sword of Damodes dangles 
interminably over the respon- 
dent’s head. 

★ * ★ 

A similar case came before 
fee Court of Appeal in April 
of test year. It took all fee skill 
of Lord Denning and Lord 
Justice Eveleigh to sail- past fee 
B renter Vulcan decision. They 
found feat after some Si years 
a fair trial of the dispute sur- 
rounding the Splendid Sunt was 
no longer possible. They held 
feat , fee facts were different 
fronj; Bremer Vulcan* and feat 
fee arbitration agreement came 


to an end by Lustration or by 
a repudiator? bread). Lord 
Justice Fa* felt bound by Lord 
Diplock’s view that fee Obliga- 
tion of fee two parties in 
arbitration to keep it moving 
was mutual, and dissented. On 
that occasion I urged, in this 
column, fee need for legislation. 
I pointed our feat other arbitra- 
tion centres successfully impose 
time limits. 

Since then, the need for 
legislation has become even 
greater because of the reluc- 
tance of the Commercial Court 
judges to accept that the judi- 
cial review of arbitration should 
be allowed as sparingly as fol- 
lows from the guidelines on 
which Lord Denning and Lord 
Diplock agreed . in " The 
Nemo. ”t One bears that the 

Clarify the Arbitration 
Act and give the 
judge a greater say 


Government is now aware of the 
need to clarify fee 1979 Arbitra- 
tion Act. but no legislation 
seems to be forthcoming. 

A fortnight ago. fee Court 
of Appeal had to deal with 
another case§ in which the 
buyer made fitful attempts to 
press weak claims by arbitra- 
tion over a period of 11 years. 
The Pinto, a small ship was 
sold by its Norwegian owners 
to German buyers in 1969. The 
contract provided that after the 
buyers took delivery the sellers 
would have no responsibility 
for possible faults or deficien- 
cies. However. 4$ years after 
the contract the buyers, who 
checked the ship’s performance 
before taking it over, came 
wife the claim feat they were 
told that its engine had a ser- 
vice speed of 230 rpm, which 
it did not They asked for 
damages of over DM lm. 

They did nothing for the 
following three years, at the 
end of which they asked for 
some evidence. They obtained 
it in 1978, but had it analysed 
only in 1980. By feat time the 
Norwegian sellers had had 
enough and asked fee High 
Court to stop any further arbi- 
tration proceedings. They 
obtained from Mr Justice 
Staughton a declaration feat 
the arbitration agreement was 
discharged by reason of 
frustration. 

Tbe appeal came before Lord 
Denning, and Lord Justices Kerr 
and Griffiths. They all agreed 
wife fee judge's decision but 
they all had to pronounce long 
and elaborate decisions to 
justify feat fee decision could 
stand in spite of the Bremer 
Vulcan judgment. They made 


no secret of their view feat that 
jud^nent was wrong but they 
were bound by it. Lord Denning 
held feat the binding reason for 
the Bremer Vulcan decision was 
much narrower than was 
thought before. It could be 
reduced to a ruling feat respon- 
dents who where themselves in 
breach of their obligations 
under the artmratdon agree- 
ment could not rely on the 
claimants’ breach as giving them 
the right to treat tbe arbitration 
as at an end. 

In fee present case fee 
respondents were not at fault 
at all. Therefore, they could, 
and did, treat the claimants’ 
delay as n repud iatory breach. 
Alternatively, fee long delay 
made a fair trial impossible, and 
fee arbitartion agremeent was 
frustrated. 

The case could have been 
disposed of much more simply. 
As Lord Denning said, the arbi- 
tration had never begun because 
fee third arbitrator had not 
been appointed. Under fee 
Limitation Act 1939, fee arbitra- 
tion should have commenced 
within six years. By 1975 it was 


a dead duck. But the respon- 
dents' counsel failed to plead 
this defence, and, curiously, 
English judges arc not supposed 
to know the law unless it has 
been argued before them. 

* * * 

It seems quite clear that there 
is urgent need for statutory 
clarification of fee 1979 Arbi- 
tration Act. It is also dear that 
fee long ladder of judicial re* 
views of arbitration awards 
leads to confusion of -fee law. 
One arbitral and two judicial in- 
stances seem quite enough: 
there is a strong argument for 
not allowing arbitration appeals 
to go to ihe House of Lords. 

And, finally, why should the 
parties suffer by any oversight 
or mistake of counsel? The cavil 
law assumption feat the court 
knows the law — in practice that 
fee judge may know it even 
without being told by counsel — 
is not a bad one- There is no 
virtue in making life mare diffi- 
cult than tt is already. 

* 2 WLR Ml; t { 1931 1 8 WLR 43; 
? FT European Ltw Letter August WI; 
5 FT Commercial Lara Report. March 
30 1962. 


RACING 

BY DOMINIC WIGAN 


SUB ROSA, which was travel- 
ling every bit as well as the 
eventual winner. Bachelor's 
Hall, when clipping ihe top of 
the final fence in Newbury's 
Julians of Reading Land Rover 
Hunters’ Chase, looks a good bet 
for compensation at Taunton 
today. 

The former top-class pros- 
pect. which was to be dogged 
wife leg trouble, seems to have 
been nursed back to somewhere 
near his best by Cranbome 
permit-holder Thalia Gordon- 
Watson. and barring a repeat of 
the error which, at worst, cost 
him second place at Newbury, 
he should land fee Wadham 
Stringer Land Rover Hunters* 
event. 

Ridden by his 'owner's accom- 
plished son. the Blewbury 
assistant Charlie Gordon- 
Watson, Sub Rosa can score 
mainly at tbe expense of the 
course and distance winner 
Silver Ransome. 

In the afternoon’s other 
Hunters' chase. Southwell's 
James Seely Memorial Trophy, 
Honourable Man, seems sure to 
have things very much has own 
way following the withdrawal of 
half of fee 18 to have reached 
the final declaration stage. One 
of fee middle-distance hunters 
in training. Honourable Man, 
ran out a 30 lengths winner 
from Gintop here on February 


36 on his way to finishing an 
unlucky second behind The 
Drunken Duck at Cheltenham. 

There he got little assistance 
from Mr Andrew Fowler, who 
was still suffering the effects of 
a cracked collar hone. In the 
circumstances. Honourable Man 
did extremely well lo fail only 
in a photograph finish. He 
should land today's pri2e won a 
year ago by Griltar, and also by 
two Cheltenham Gold Cup 
winners, with fee minimum of 
fuss. 

At today's third meeting. 
Worcester, where the popular 
local trainer Mercy Rimell fields 
Surely Right in the Conduit 
Stud Novices Chase. Bristol 
Blue ought to return to the 
winner’s enclosure following the 
Malvern Handicap Hurdle. A 
useful stayer in tike making, 
Bristol Blue will get back on 
fee winning trail last achieved 
through a 10 lengths Taunton 
success in December if he can 
reproduce the form which saw 
him failing by only a neck to 
peg back Two Coppers at 
Chepstow six weeks ago. 

TAUNTON 
2^0—' Testing Times 
3J0— Sub Rosa*** 

SOUTHWELL 

3.15 — Honourable Man 

4.15— SL Torbay 

WORCESTER 
3-00 — Sorely Right* 

3.30— Bristol Bine** 

4 JO— Bridge Ash 


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THE MANAGEMENT PAGE: Marketing 


Financial Times Thursday April S 1982 

- ■ ■ ^ 


EDITED BY CHRISTOPHER LORENZ 


How Blackpool 
sells itself 




BY NICK GARNETT 


ONE of Britain’s most hallowed 
institutions opens its sates this 
morning for the holiday season 
— and for the annual nail-biting 
test of its management’s market- 
ing and promotional skills. 

With 40 “funtastic thrili-a* 
minute” acres of more than 
100 rides and attractions, the 
Blackpool Pleasure Beach 
attracts 6m to 7m tourists a 
year. 

Apart from the 42 really big 
"hard" rides like the roller- 
coasters which give the Pleasure 
Beach its immediate fame, there 
is an Ice Drome, the Viva 

Tropica na nightclub show, 
** soft ” walk-through attractions, 
a space exhibition, four cinemas 
and some 24 eating houses. It 
is not a funfair but an amuse- 
ment park in the U.S. tradition. 

Unlike Disney's sites in the 
U.S. or big parks like Tivoli in 
Copenhagen, which are visually 
spectacular and depend mainly 
on “soft” rides, much of the 
Pleasure Beach is about white 
knuckles gripping the sides of 
coasters, and stomachs being 
propelled into throats. “It’s the 
big spectacular amusement de- 
vices which bring people here, 
the big exciting rides. And it’s 
those that bring the money in,” 
says Geoffrey Thompson, manag- 
ing director of his family's 
small private company, Black- 
pool Pleasure Beach. Until a 
recent acquisition in the U.S., 
its only other major enterprise 
was the operation of nearby 
Morecamfce’s fun park. 

Behind the annual drawing 
power of the Blackpool park is 


not only the strength of 
its reputation, handed down by 
word of mouth from one gener- 
tion to the next, but also a sur- 
prisingly wide promotional cam- 
paign. It would be even broader 
if so many British companies 
were not resisting invitations, 
to sponsor individual rides 
along the, pattern of American, 
amusement -paries. 

To outsiders the “working 
class dream ” profile of Black- 
pool has changed tittle since 
the 1930s — coachloads of people 
pouring in from Blackburn to' 
stay at- gaudily decorated hotels 
with organised knees-ups in the 
evenings and days of slot 
machines. Big Dipper rides, 
candy floss and the Tower. 

Yet to attract the broadest 
possible cross-section of custom- 
ers the management of the 
Pleasure Beach has devised a 
classless promotion campaign 
that is geared to all ages, dir- 
ected at both individuals and 
groups, private citizens and 
company outings. It markets the 
amusement park as a whole, as 
well as specific elements like 
the coming visit of Retain 
Cousins in an ice spectacular. 

One handicap is the difficulty 
of measuring the campaign's ' 
overall success: holidaymakers 
are notoriously reluctant to 
answer market researchers’ 
questions. 

Another problem is that as 
with the rest of Europe, there 
is no tradition in Britain of 
famili es going out for a day at 
an amusement park. That partly 
er piairw why tiie Pleasure 



ADVERTISING 


Why American agencies have 
launched a new UK invasion 


Beach’s marketing is geared to 
families and groups. 

The concept of a package day 
out is advertised heavily, not 
only in situ among the 15m 
holidaymakers who make .the 
annual trek to Blackpool, but 
directly to a wide area ' of 
Britain. 

The ntib of the company’s 
advertising is an outlay of 
£185.000 an television, spots in 
Scotland, the North and the 
Midlands. Split screen tech- 
niques are used to portray as 
many facets of the park a& 
possible. 

This is paralleled by an 
annual newspaper, plus several 
booklets and magazines; Black- 
pool is Inundated with them, 
but they are also deposited at 
stops along the motorways. ■ 

The company is also experi- 
menting with local radio, and 
has had a deal with Shell under 
which purchasers of petrol in 
Blackpool or Morecambe during 


a particular period receive free 
tickets.' 

A key part of the company’s 
campaign is a travelling sales 
force which sells package ‘visits 
to- coach companies, factories, 
working men’s dobs, schools 
and civil service offices. The 
park- is also, advertised in British 
Airways in-flight magazine to 
try and lure company managers 
into choosing the spot for works 
outings. 

It is with its latest 
approach, corporate sponsor- 
ship for its individual rides, 
that the company is having 
problems. Industry’s response 
compares unfavourably with 
that of .U.S. companies to a park 
at Myrtle Beach. South Carolina 
which Blackpool Pleasure Beach 
has just . purchased. Disney 
boasts big names like Amoco, 
RCA and General Electric as 
sponsors of some of its extra- 
vaganza. 

A recent approach to a tyre 


manufacturer for a sponsorship 
deal for one of Blackpool’s car 
rides ■ — involving exhibition, 
space for the company — re- 
ceived a dusty answer. So far 
only Goldberg, the Glasgow de- 
partment store group which has 
just opened an outlet in Black- 
pool, Is providing commercial 
sponsorship of that type. 

But however effective the 
Pleasure Beach’s sales pitch, the 
Tnain question hanging over it 
this summer is, as always, 
the weather. There are 30 criti- 
cal money-making days and if 
the clouds open, takings can fall 
by 30-60 per cent Last year’s 
appalling summer cut profits to 
an uncomfortable (though un- 
revealed) extent 

All the same, there Is some 
compensation in the fact that 
the British public is about the 
most stoic in the world when it 
comes to braving the rain for a 
visit to a Haunted Swing or the 
WHd Mouse. 


IBM and an American flour and 
bakery products company called 
PUlsbuiy seem an unlikely 
combination. 

Not so, according to Pro- 
fessor Eric von Hippel of the 
Massacbussetts Institute of 
Technology. They epitomise a 
promising but unusual 
approach to new product 
development, he says— that of 
letting your customer do it for 
you, instead of always trying 
to do it yourself, with all the 
attendant costs and risks. 

Take the great Pillsbury Bake- 
Off. Established in 1949, this 
annual contest is primarily a 
publicity vehicle for Pillsbuiy’s 
products. But customer 
response, in the form of tens 
of thousands of suggestions 


Users as low-cost innovators 


for new recipes each year, has 
gone beyond the bounds of 
publicity by bringing forward 
several lucrative user-developed 
products that Pillsbury has 
commercialised. 

At IBM, von Hippel cites the 
example of the corporation’s 
Installed User Department, 
which co-ordinates the acqui- 
sition of user-developed pro- 
grammes. About a. third of all 
(the software IBM leases for 
use on large and mediun^sized 
computers is developed by out- 
side users, he says: , 

Writing in the latest issue 
of the Harvard - Business 


Review*, von Hippel points out . 
that users have developed two- 
thirds of tiie new process 
machines used in the U.S. 
semiconductor industry, and 80 
per cent of the new Instru- 
ments manufactured by scien- 
tific instrument companies. 

The reasons for this — hitherto 
largely neglected— pattern of 
product development are many, 
von Hippel suggests. The most 
obvious is that manufacturers 
may have failed to spot a 
potential need, or ignored it 

On the other hand they may 
be. completely aware of it but 
deem it too late or too risky 


in justify the investment 
required. Later, when an enter- 
prising user has developed a 
suitable product and it does' 
turn out to be of commercial 
interest, manufacturers trill 
get into the act and develop it; 
as examples von Hippel quotes 
most new computers in the 
19405 and early 1950s. together 
with the customised light vans 
which teenagers built for years 
before Detroit saw fit to enter 
tiie market 

User - developed products 
exist in. all sorts of other cate- 
gories, voo Hippel concludes, 
ranging from egg shampoos to 


machinery for making light 
bulbs. Most manufacturers 
who operate in such areas 
already have some user-deve- 
loped products in their current 
range of merchandise, he says. 

The trouble is that they tend 
not to recogrise them as such 
because they have no organised 
process for finding them, and 
then deciding what to do with 
them. Manufacturers must 
decide “whether to continue to 
allow the adoption process U 
proceed haphazardly and Ineffi- 
ciently or whether to recognise 
it and systematise it." says von 
HippeL 

*“ Get new products from 
customers." March- April issue. 
Boston MA, 02163. 

Christopher Lorenz 


THE CURRENT “invasion” of 
Madison Avenue, heartland of 
the US. advertising industry, by 
two British age odes — Sa atchi 
and Saafchi.and Geers Gross — 
has distracted -attention from a 
more signifient trend in the 
reverse direction: the mush- 
rooming number of second or 
third-string operations being set 
up or acquired in London by 
leading American agencies. 

Benton and Bowles, Grey 
Advertising and D'Arcy-Mac- 
Manus and Masius are all. to a 
more or less public extent, look- 
ing for an agency to buy in 
London as a second (or third) 
agency is the group, and several 
more agencies are certainly 
hunting privately. 

“ This business of second 
agencies starts from, the general 
proposition that ours is the only 
business where, when you have 
slightly more than 5 per cent 
of the market, further increases 
are hard to achieve because of 
the convention that agencies 
don't handle competing busi- 
ness,” explains David Lee, chair- 
man of D’Arcy MacManus and 
Masius. “ You get to the stage 
where, to keep growth gallop- 
ing, you have to be in a state 
where you can take on new 
business. You have to go forth 
and multiply.” 

A year ago Masius created 
a second agency out of its sales 
promotion subsidiary, IMP, 
taking the “ above the Bne ” 
advertising (press, radio, TV 
posters, etc.) out of BEP and 
adding in a few accounts and 
some staff from the main 
agency. - Marshall Advertising, 
Lee claims, is now entirely 
separate from Masius and it 
has proved its value by winning 
the Alfa Romeo account 
although Masius handles Talbot 

But Lee is still looking for 
agencies to buy. “For the last 
two years I have been in the 
market- but most of the worth- 
while agencies went a while ago 
and a lot of the rest put a very 
high price on their heads. When 
we see what we see, most of it 
is vastly overpriced and not 
particularly good.” 

Another chairman in the 
market for a second agency is 
Benton and Bowies’ Bruce 
Rhodes. He cites client conflict 
and market segmentation as his 
reasons for buying. While some 
agencies look for a couti-ast, or 
CMUpJementary skills, in their 
second ’ agencies, Rhodes is 



David Lees “You 
and nut 


have to go forth 


Hutchison Whampoa Limited 


5th Industry 
Media Course 


1981 Group Results 


* Profit before extraordinary items up 
92% from HK$411 million to HK$790 
million. 

* Profit after extraordinary items up 23% 
from HK$770 million to HKS947 million. 

* Proposed final ordinary dividend of 27 
cents per share giving 40 cents total for 
the year, up 25%. 


* Successful acquisition of minority 
interests in A.S. Watson & Co. Ltd., 


Anderson Asia (Holdings) Ltd. and 
Hutchison-Boag LtcL 


* Strong performances by shipping 
related, trading and quarrying divisions. 

* Completion and sale of 936 flats at 
Aberdeen Centre Sites 1 , 2 &. 3. 

* Completion and sale of Diamond 
Exchange Centre. 

* Satisfactory construction progress at 
Provident Centre Phase I due for 
completion and delivery to purchasers 
in 1982. 

* Group in sound financial position with 
gearing reduced from 37% to 22%. 


THE INDUSTRY MEDIA COURSE is one of the most 
significant of the many courses developed by CAM during the 
recent years. It rs designed to help those involved with industrial 
products and services to understand fully the role of 
manufacturer, agency and media in the process of creating 
effective advertising. It is particularly concerned with showing 
how new techniques are being used to sell business products 
and services.’ 

John Jesting, Chairman 



Summary of Results 

1981 

HK$M 

1980. 

- HKSM 

Profit before extraordinary items ■ 

790 

411 

Extraordinary items 

157 

359 

Aitributableprofit 

947 . 

770 


HK$ 

HK$ 

Dividends per ordinary share 

0.40 

0.32 

Earnings per ordinary share 

tJO 

.0.85 



Ar.msl repot v,1i! he 
pasted to shsretxiders 
by 8th t/ay. 13S2 


U Ka-shing 

Chairman 

Hong Kong, 31st March, 1982 



Hutchison 

HUTCHISON WHAMPOA LIMITED 


The benefits: 

Selling to business 
markets 

Which media for your 
message 

Choosing an agency 

Corporate identity 

What to expect from 
your ads. 

How to fix budgets 

Advertising — some good, 
and bad 



Presentations by top marketing 
. personnel from: 

SHELL UK LTD. 
SAATCHI & SAATCHI 
MERCEDES BENZ 
ELECTRICITY COUNCIL 
LONDON WEEKEND TV 
OGILVY MATHER 
FINANCIAL TIMES 
IRC INDUSTRIAL PRESS 
CAPITAL RADIO 
and many others 


The date: May 16-19 

The place: Cavendish Hotel 
Eastbourne 


To: CAM Foundation, Communication Advertising and Marketing 
Education Foundation. Abford House, 15 Wilton Road, 

London SW1V INJ - Telephone; 01-528 7506 


Send me application forms 

Please dip this to your letterhead. 


looking for Benton and Bowles 
mark two on the grounds that 
clients would like an operation 
.run according to the philosophy 
and practices they are used to. 
. However, there is also a fair 
trade over the “mdepeodeuce ” 
of second agencies. Can. wholly 
or majority-owned subsidiaries 
realty be independent? Leo 

Burnett's chairman Dennis 
Barham does not Clunk so; 
“Agencies may say they are 
doing it to avoid conflict, but 
people putting business in must 
be daft if they think there is no 
connection, between <fche two 
agencies,”. he says. 

For the takeover candidates, 
there are clear financial reasons 
for selling out to the Americans, 
such as that it is stiH the easiest 
way for the principals in the 
agency to realise their capital 
investment 

But there are usually business 
reasons as well. Two years ago 
Ted Bates bought Fletcher 
Shelton Delaney to be its 
second UK agency and, as chair- 
man Winston Fletcher explains, 
“ It had always been clear that 
we would at some time need to 
be part of an international net- 
work. This was partly because 
of our own aims and partly 
because we had a client list 
composed largely of multi- 
national companies. 

“We thought that in certain 
instances we were missing 
opportunities as some clients 
bad asked us about our inter- 
national capabilities. And about 
five years ago we lost one client, 
Lloyds Bank' -'International. 


because with the growth of 
international banking they 
wanted an international agency. 
This was a warning to us. 

In spite of the recession, it i$ 
probably still a seller’s market. 
Masius’s David Lee is right that 
unattached, dynamic, growing, 
creative agencies who are pre- 
pared to sell are few and far 
between. 

One agency on many people’s 
list as a possible target is 
Coiman and Partners, billing 
just under £13m In 1981 and 
with clients like Citroen and 
Tampax. Lee may complain 
that many agencies he has 
looked- at are overpriced, but 
Coiman managing director Paul 
Forster says unashamedly. “One 
of our criteria for selling Is tint 
we wouldn’t be cheap.” 

But some of the attractions of 
a sell-out can be achieved in 
other ways. The unlisted securi- 
ties market is one vehicle 
which Forster believes could 
become more popular. “It 
makes a flotation a tot less 
daunting,” he says. “I believe 
you could do the deal- for 
£50-£GD,000 and if you have a 
business of some substance 
making profits of £2-£300,000 a 
year you can cope with that.” 
The acceptance of Sa atchi and 
Geers Gross by tbe Stock 
Exchange as stable companies 
with good profits records' will 
have helped immeasurably any 
flotation of this kind, but it will 
not in itself offer any prospects 
of growth or international 
connections. 

The problem for the seller is 
balancing the inevitable loss of 
independence in a sell-out 
against the financial security 
offered, and against the boost to 
business from the new parent 
Inevitably, most purchasers will 
want to have some measure of 
control over their subsidiaries. ' 

Bruce Rhodes of Benton and 
Bowles also has dear ideas of 
what he wants: “We would want 
the best of both worlds. We 
would want it to be the case 
that the second agency bad the 
strength of Benton and Bowles 
around it, bqt we would also 
want at to be sufficiency , 
autonomous . to be able to 
satisfy its management— *nd 
clients who might think -differ- 
ently— that there was no -con- 
flict I don’t think that’s an 
unrealistic, strategy.” 

Howard Shannon . 


THE BANKER 


The April issue includes: 

* Why monetarism has failed? . 

* Eeagonomics re-visited 
sfc PS B ank dere g ulatio n 

* Capital adequacy 

* Financial futures 

$ Tirteynatitmal leasing 

$ How central banks manage their as 


The Banker; this month as evei; simply essential 
reading for anyone seriously Involved in banking and 
financ e. Be smart and getyonr copy today 
Yba could, of course, place an order with ybtir regular 
newsagent. Alternatively; youmayfind it simple^ 
more reliable and convenient to complete the coupon 
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Financial Times Thursday. April S 1982. 


THE ARTS 


Watford Palace 


:r *«'■?. 


■■'V'-'-vr 


I"' 1 ,'.'?;. 



Knife 




by MICHAEL 1 COVENEY 


Clifford. Odets was tbe mos t 
prominent dramatist of. the 
left-wing .Group Theatre in 
Near York before the last war, 
and this . thundering drama 
Jnarfced has return to Broadway, 


act 


buSdozes over the last 
through a series of breathtaking 
and ghastly developments. This 
is the kind of theatre we' have 
almost forgotten and it is 
certainly more invigorating than 


an .IdS&jafter a stint .in Holly- recent attempts to reassess the 


wood. The n>le of Charlie 
Castle, a beseiged, heavy, 
heavy-crinlrang star waHed up 
an his Beverly Hills m ^iw was 
taken by John Garfield. The 
play provoked an uproar in the 

shawfouskiess m nrrmmtT y. 

Brooks Atkinson summarised 
the reaction: “The play tried 
to make a moral dilemma out of 
a familiar business situation 
and did not come -with much 
grace from the. pen of a. man 
who had fled "to Hollywood when 
be- thought Broadway had let 
him down.” - 

Michael Attenborough’s Wat- 
ford revival starts ponderously, 
not always finding the light 
style necessary to release the 
brooding energy of the writing. 
But «ihe piece gathers force and 
ends up as a staggering, ricfcty 
melodramatic indictment of a 
cruel systent devoid of senti- 
mentality or nostalgia. The plot 
rambles, shakes itself out, then 


Claims of Philip Barry and 
George Kaufman. 

- Joe Vanek’s design ofHolly- 
wood opulence is predominantly 
cream, Charlie’s life correctly 
buflt round the upstage bar 
while visitors enter through 
huge French windows to arrange 
themselves on chrome furniture. 
A gossip Columnist dearly 
modelled on Hedda Hopper' has 
wind of a scandal: Charlie is 
alleged to have killed a child in 
a. motor accident, but the matter 
has been glossed over by bis 
publicity agent taking the rap. 



■ ; 


Gwendolyn Humble and Ian McShma 


wife wants him to reject the Mr McShane com es. 1 b to his own 
trashy scripts (in his last-- ten ' when raging against- the orj- 


Tbis scandal becomes a 
rumbling accompaniment to 
the central dilemma facing 
Charlie: whether to sign a ludi- 
crously lucrative contract with 
a studio mogul and to play by 
Hollywood's rules, or to patch 
up his marriage and rekindle 
ms reputation as “the van Gogh 
of the American theatre.” His 


pictures he has been electro- 
cuted four times) while his 
agent, naturally, wants him to 

sign. 

The casting of Ian McShane 
as Charlie is inspired. He is 
palpably a heart-throb and yet 
the stage presence, like that of 
so many big screen stars, is 
awkward, even wooden. This 
quality is brilliantly exploited 
both by actor and production. 


wanted advances of his -PR’s 
nymphet wife (Gwendolyn 
Humble) Or raking through the 
embers of fads relationship with, 
his wife (Gwen Taylor). 

The picture of Hollywood 
throughout is relentlessly 
jaundiced, but the language of 
the play animated, often very 
funny and even enjoyably 
orot und (“I can’t invent last 
act curtains for a world that 


doesn't have one”). The pro- 
ducers of Jeffrey Chiswick and 
Peter Marinker are a slyly con- 
trasted pair. Mr Chiswick is 
-one of those actors who sur- 
prises by doing very strange 
things, like suddenly vacating 
the stage bent double. He 
certainly hits the nail on the 
head. And Stacy Horning as a 
frustrated studio starlet (four 
hat-check girls in three years) 
is a breathily refreshing ele- 
ment in the violent final twists. 


Record Review 


Soul survivors by ANTONY THORNCROFT 


While popular music has 
plenty of meteors, who flash 
brilliantly and briefly and then 
die with a heavy thud, there 
are also its planets who glitter 
constantly if- sometimes dimly 
and then suddenly exert their 
-pull. We have just had visits 
from a couple of such slow 
burners, Carole King and Van 
■Morrison, here to give new 
albums a prod. 

• One to One (Atlantic K50880) 
is the first collection of songs 
from Carole King for many 
years. Half a young life-time 
ago she wrote some of the most 
affecting and sustaining of 


“Goat Annie,” this is Carole 
King unchanged in 15 years. 
Much of the early intensity is 
lost but' you cannot fault the 
professionalism. This album 
win coolly grace the back- 
ground to many smart parties. 

Van . Morrison is also of the 
age and status to have a smooth 
Californian production for 
Beautiful Vision (Mersury 6302 
122). Here much has changed 
but much has stayed the same, 
notably the voice, a musical 
shout one of the most powerful 


strongest as in the beautiful and 
touching “Across the bridge 
where angels dwell” the sing- 
ing of Morrison avoids any 
limiting sentimentality. There 
is also the guitar playing of 
Mark Knopfler to ensure that 
this is a very classy album 
indeed. Morrison is gritty 
enough to provide a heavy 
anchor,' and avoid affectation 
and, like Bob Dylan’s last 
album. Beautiful Visum, sug- 
gests that spiritual lyrics can 
make powerful popular music 


phone lead around his arm 
while drooling out “Heroin” 
or puckishly singing “ Looking 
for my man " has come up with 
a soothing, laid-back collection 
of songs on The Blue Mask 
(RCA HP 6028). “ My House,” 
the first track, finds Mm in a 
rural paradise — “I’ve really 
got a lucky Me, my writing, 
my motorcycle and my wife,” 
and the second “Women," is a 
strong plug for the sex. We 
seem to be on firmer Reed 
ground with “Underneath the 
bottle,” but this sprightly little 
song is anti-drinking. Vintage 
Lou Reed finally turns up with 
"The gun," full of magic and 
menace: he really is a most 


popular songs/such as “It’s too (Hiis is West Coast, Neil Simon, vodkatmi, 

late baby "and “Will you still .- m • 9 # ■ ” ~ " _ 

love me tomorrow?'; very little jacnzzi, early-thirties Second marriage music.5 mesmerising ringer and song- 
has changed musically since 
then. The same ‘emphatic soul- 


ful approach directed by the 
lady herself from the grand 
piano; careful, almost mannered 
production; melodies that owe 
as much to their style as their 
content and lyrics that are 
almost “exclusively about the 
pains rather than the joys of. 
love. • 

This is Wert Coast; Neil 
Simbnj vodl&tini, ^cuszi,' early- 
thirties second marriage music. 
Front (5e dear-cut confidence 
of the first "track “ One to One " 
through -the closely textured 
sophistication of “ Golden Man," 
to. the .regulatory folksy song 


and arresting la papular music; 
Sounding Was6 with experience 
but still gutsy, the Morrison 
style can make even the second 
rate seem significant and if the 
occasional song is ' excess 
baggage there is a sustained 
energy and commitment to this 
album which wins through. 

The novelty is the- -religious 
feel to most of the songs (under- 
pinned by an angel chorus of 
girl nsigers) which is linked to 
a nostalgic 1 look back, to 
Morrison’s Ulster origins. But 
even when the gospel links are 


and provide an intensity not 
available in just another set of 
love songs. 

By any standard tins is a 
remarkable work — a heady 
mixture of Celtic romanticism 
and mystical Christianity, plus 
the best that rock rhythms and 
studio, ingenuity can provide, 
topped by the finest white soul 
singer operating. 

Change has even caught up 
with another established figure 
— Lou Rieed. The evfil fantarist 
of • Andy Warhol’s Velvet 
Underground, coiling, a micro- 


writer. 

This is s poetic aBnun , 
going over the top on “The 
Bine Mask.” but in the tnafin 
heavy with gentle guitar riffs 
and smart lyrics, witich suit 
Lou Reed’s insidious conver- 
sational voice. The songs may 
lack the excitement of tames 
past but better a docxte Lou 
Reed than a dead (me. 

A British survivor is Richard 
Thompson. From his early days 
with Fairport Convention he -duce some 
has recorded many good songs which with 
while just missing wide popu- 
lar acclaim. He may have 
finally made it with Shoot out 
the lights (Hannibal 1303). 


Backed by old F airports and 
okl Watexsons, and matched in 
the vocals by wife T »»"**■» , tins 
Is an exciting and varied album 
wbkh gets off to a lively start 
with “ Don’t renege " and 
hardly releases its grip Linda 
Thompson has a pretty way 
with a ballad, especially “Just 
the motion.” If folk rock has 
become soft rock over the 
years no matter, especially 
when the guitar playing is as 
relaxed and assertive as on this 
album. They might be songs 
for the sake of songs but they 
grow in stature with the hear- 
ing. 

In brief — Spandau Ballet 
have fulfilled aU their early 
promise with their latest 
album Diamond, which has 
some of the best dance trades 
iff the year; J. J. Cate proves 
that guitar vjrtuosffty and 
Southern charm are alive and 
well with a vary cool album. 
Grasshopper; Nsae Below Zero 
gives aid fashioned rock and 
ran same street CFedBbStity 
with an exuberant album. 
Third degree; and Fun Boy 
Three and Banmtaraaut pro- 
musical chants, 
rock bard drum- 
ming, are more intriguing than 
their hit single, " It’s not what 
you do its the way," ete, would 
suggest 


Mayfair 


Boogie! 


by ROSALIND CARNE 


At least the theatre throws 
up a few surprises. I hardly 
expected ot enthuse about P. G. 
Wodehouse one night and feel 
so d own-in -the-mou th the next 
about three feminist singers. 
They make no grand political 
claims, but judging from the 
general tone of their 90-minute 
tun-through of pop revivals, I 
trust- they jrould sot reject the 
definition. For the last number, 
they chuck their wigs, wipe off 
their make-up and chirp about 
“your sisters, your friend. 1 " 
They should have started, not 
finished here. Why play safe? 
The programme note makes a 
few trenchant points by infer- 
ence, but tixe act itself ventures 
no further than the blandest 
tongue-in-cheek. 

Carping aside, this all-white 
trio from South Africa are not 
without talent They look sleek 


and shiny, and costume changes 
are nicely incorporated into the 
show. They move -well and 
harmonise smoothly though the 
heavy amplification gives little 
indication of the quality of 
voices. Their digest of women 
performers over the last 40 
years opens with The Andrews 
Sisters, girding military loins 
with old favourites like “ Apple 
Blossom Time." In case the 
point is lost, back projection 
depicts the ravages of war. 

The McGuire Sisters herald 
the 1950s with beehive hair and 
leopard-skin jackets, followed 
by The Beverley Sisters, 
hammering home their sugar 
and spice message with rubber 
gloves and dish cloths. Elvis 
Presley flashes up on the screen. 

Things Hven up with the 
Shanpri-Las, but “ Leader of 
the Pack” is a performance 


piece, not a classic melody, and 
has little to offer in pale 
imitation. The sound of The 
Suprcmes proves even harder to 
capture, and despite the very- 
competent efforts of the Palm 
Grove Sextet, the result is a 
jangling howl. The Three 
Degrees respond passably to the 
overall mood of mild send-up< 
buj 1 draw the line at mimick- 
ing The Pointer Sisters, three 
marvellous, inimitable artists 
who can send themselves up 
quite adequately. 

This is a poor advertisement 
Tor women’s liberation. What- 
ever h append n> originality? 

The entire venture is swamped 
by media overkill. Boogie T» 
shirts and Boogie discs, some- 
what ironic for a show that 
pretends to expose the de- 
humanising results of the com- 
mercial package. 


Dominion 


The Bartered Bride 


by MAX LOPPERT 


For some nonsensical reason 
neither London opera boose cur- 
rently performs Smetana's most 
famous and popular opera, leav- 
ing it to the visiting companies 
—Scottish Opera two years ago, 
the Welsh National this week — 
to offer brief reminders of the 
heart-easing delights of which 
we are otherwise deprived. The 
new Welsh production by Rudolf 
Noelte is a serious and greatly 
distinguished achievement, 
effortlessly reaching the high, 
standards the company can still 
set when not prey to its passing 
fits of anti-musical madness; but 
not all of its qualities came 
through at fu& strength on 
Tuesday. 

For most of this one (flames 
the Dominion, winch has now 
fairly conclusively revealed 
itself an unsatisfactory accom- 
modation for opera. Before the 
wide, shallow stage lies an un- 
covered orchestra (Smetana’s is 
limpid but of foil weight and 
deployment); too often the feel- 
ing from a seat halfway back in 
the circle was of singers mouth- 
ing as from a great distance, 
much vocal stfbstance mid most 
of the words being lost on the 
way. Jan Scbluhach’s beautifully 
poetic single set, a threshing 
bam opened at the baric to light 
and air, seemed to aid in this 
vocal and verbal dissipation — 
ibe producer often places the 
crucial dialogues at its sides and 
far back, and their difficulty in 
reaching us became a perpetual 
bartrer to full enjoyment It is 
pleasant to gain so vivid an im- 
pression of Smetana’s orchestral 
fertility — as conducted by the 
Bolshoy's Mark Ermler, the 
score exudes a wonderful 
fragrance, flow, and richness of 


colour — but the ton thus exacted 
on the cast proved a heavy price 
to pay. 

Even as thus judged, Mr 
Noelte’s staging strikes a mar- 
vellous balance between the 
wellsprings of romantic warmth 
and pathos in the opera and its 
bursts of hilarity and good 
cheer. It is a plain, physically 
restrained enactment of both 
the romantic foreground and 
the harvest background; the 
observation of behaviour is 
adduced in countless sharp, per- 
ceptive touches. But it is not a 
puritan, po-faced Bride. When 
dance breaks into the narrative, 
it is as a natural surge of cele- 
bration which sweeps the com- 
munity in its train. The 
differences between village 
gusto and the gimcrack but 
sparkling circus entertainment 
(the Esmeralda. Lesley Garrett, 
actually takes to the tightrope) 
are brilliantly placed. In a 
more intimate and forward- 
speaking theatre, this must be a 
most exhilarating show. 

Mr Noelte has drawn from his 
players a rare precision of ex- 
pressive gesture. Derek Ham- 
mond-S trend’s broker (not in 


ripest voice) limns a line of real 
malignity beneath the comedy. 
The parents, among them a 
touching Ludmilla from The 
well-remembered April Cant cla. 
evince credible motivation. If 
something of Vasek’s stuttering 
farce is sacrificed, Harry Nicoll’s 
performance sounds notes 
deeper and truer. And the 
lovers hold the stage with total 
conviction, though it is unfor- 
tunate that the angular ardour 
of Warren Ellsworth's Jenik is 
so often traduced by the row, 
unschooled quality of his tenor. 
But above all, the perform- 
ance seems to take its tone from 
Helen Field's Marcnka. whose 
command of both the hot tem- 
per and the sadness of the part 
is everything one would expect 
from so dedicated and intelli- 
gent an artist. The voice is fill- 
ing out, and there arc some elo- 
quent soft sounds in it; when I 
got home, I played Sena 
Jurinac's matchless account of 
the aria to remind myself of 
the melting tone missing from 
Miss Field’s heroine. On its 
own terms, though, and on those 
of the production, this is a por- 
trayal of absolute authenticity. 


Barbican 


Stephen Bishop-Kovacevich 


Elizabeth Hall 

Andre-Michel Schub 


by DAVID MURRAY 


One looked forward to dis- 
covering how a solo plano would 
sound in the new Barbican Hall, 
but in that respect as in others 
Mr Bishop-Kovacevicb’s recital 
was only partly enlightening. 

Playing the last three sonatas 
of Beethoven.'ht adopted a man- 
ner so tirelessly, restrained, sn 
far’ elevated above anything 
like rude vigour — at least until 
Op ill, the last sonata — ■ as to 
give. few. clues to how a normal 
piano-, performance will strike 
the ear. What we heard, or 
overheard, was attractively 
clear, a little distant (from -We 
first tier, at any rate) and witii 
some bright haze at the top:, 
promising enough'&ofar . 

As for Bishop-KovacbevM*s 

Beethoven, lt - 
ethereal radiance in. all the riBht 
places — and . .in these late 


sonatas there are of course many 
of those; for some listeners the 
pianist may therefore have cap- 
tured the heart o£ the matter. 
He did it not only with deep 
insigbt into the music, but with 
. a bonless technical address that 
was less well adapted to 
Beethoven’s more energetic 
phases. Even --in the non- 
violent Op 109, where the cul- 
minating variations were ex- 
quisitely treated, the little 
Prestissimo movement was 
sketchy and $ hit dim,' fingers 
failing to articulate the mai* 
' theme. 

Rapid passage-work m the 

other two sonatas" was usually 
devitalised, fleet but limp, 
fuzzed by many wrong notes. 

The fuge of Op 110, sensi- 
.. lively . begun and re-begun. 


developed each time into an 
optimistic iflur; and yet there 
were lovely discoveries else- 
where in the playing, with an 
oncoming ’arioso dolente.’ that 
made, a noble centre' for the 
work. By then one was expect- 
ing a sober, elegiac Op 11L Not 
at all: its whole first movement 
was quick and even impatient 
with an introduction less majes- 
tic than fretful Here as in QP 
110 it was instructive to notice 
how many of Beethoven’s sfor- 
zandi were quietly suppressed in 
favour of a velvety texture. 

Once again the stow variation 
movement was rapt and moving 
(though more than once the 
return to a repeat was oddly 
cl tansy), mid it was actually 
penniitted a> fua expansion in 
Bound 


Mr Schub is the 2S-yearold 
winner of test year's Van 
Gtiburn Piano GompethaotL 
Harold Scbotibecg has described 
him in the New York Times as 
“a fonnidalMe pianist of fierce 
integrity.” Fierce be is; formid- 
able his fingers certainly are; 
and his integrity is as appealing, 
and as aesthetically engaging, 
as the integrity of a precision 
motor bearing. He plays music 
like a furious sequence of well- 
learned — extremely weiHearned 
— lessons. Few notes escape 
hhn: but the music contained 
within (he notes evaporates 
under his fingers like a fine 
spray of high-speed oiL 
He is that most intriguing 
phenomenon — a pianist of 
quite remarkable efficiency and 
almost imperceptible musical 
presence. Every piece that he 
played at his London debut 
recital on Tuesday evening 


seemed In he past of the same 
■work: a massive confection of 
Bach-Busoni, Schubert, Dehussy, 
Mendelssohn, and Liszt that 
whizzed past without the 
slightest stylistic differentation 
— all the piano repertory on a 
single computer chip. 

Mr Scfhub deals essentially in 
two levels of dynamic, timbre 
and speed: loud and quiet, hard 
and melting, slow and fast His 
account of Busoni's transcrip- 
tion of Bach's C major organ 
Toccata, Adagio and Fugue was 
hugely overweighted and bom- 
bastic in its grander orations, 
colourless in its quieter lyrical 
flights. His Schubert Wanderer 
Fantasy was proper to a degree: 
a musical parody-mannequin of 
Schubert, the face fixed and 
frozen, the eyes glassy-cold. He 
solved the problems of Mendels- 
sohn’s F sharp minor Fantasia 
with all the alacrity and dex- 


terity of a Rnbic-cube virtuoso 
( and with something of the same 
degree of tenderness and magi- 
cal charm). He turned last to 
a pair of Liszt Transcendental 
Studies, a finale which was less 
decisive, less logical, than it 
sbould have seemed: how to 
finish, after all, when one has 
not in any real sense ever 
begun? DOMINIC gill 

Booker McConnell 

This year’s judges of the 
£10,000 Booker McConnell Prize 
for Fiction are: Professor John 
Carey. Merton Professor of 
English Literature at OxfoTd 
University, chairman of the 
judges; Paul Bailey, novelist 
and critic; Frank Delaney, 
broadcaster and author; Dr 
Janet Morgan; Lorn a Sage, 
senior lecturer in English 
Literature at the University of 
East Anglia. 



Warren EHt wwtf i and Helen Reid 




THEATRES 



7 £5 -S0? rD £‘*-5C? 

- s tSavid swift. 

ROAD bV Helene 




Mnuu. 

•«WISb scares® ^ 

srjLii^iSnvmKSUr 


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01-200 0200. 

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barbican HALL. BATtohan Centre. 

CC 01-658 8881. 

8795. T 0R'C 8. 00 wn 

Orctaestra. Jon JoNJOJ; 

Stephen BHhop-Keinendi Hwo Qftqjfe 

Chair and Orchestra, Lean leeattjwn- 
duccor. J. S. 

tsunp Hi OermpifS Son* **»*» w* 

able. 

I/6056J 


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01-856 £X7V 


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COLISEUM. S 856 5161 . CC 24Q S2SB. 

-ATIONAL OraRA. TtoeioK 


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7.30: ‘madam BUTTERFLY. Sat. Wed 
7J0: MARY STUART. 104 MMoa* *M» 

2*i» from 10 am -do day. No Perf Good 

Friday. 




card 


COVENT CARDEN. 240 1086 S (Garden- 

charge CC 836 69031. THE ROYAL 

OPERA. Ton-t A Mm at 730 CmMria 

rat leans. PesKMd-TMB ROYAL BAU.ET. 

Sat ■ Sc Wed ot 7.30 -The-Sleestng Scanty. 
Tue* at 7.30 ■ TB* Drain. Scams da 
ballet.- Oort*. Theatre cldMd tomor. Goad 
Friday.. 


CRITERION. S 930 5216. CC 379 6565. 
Gra b kC.. 8 36 3962- PLAYS GOOD FRI 
» .EASTER .MDN--M«erJ1lW« 7 ; 30. frl 

and: ...DaRIO^S 


COME 


CAN'T PAYT WONT PA\ 


DRURY LANE Thflffe R9WJ. 

NOW. Persons! a ad. Credit card 

UU;^ ad l ^S3SE ,8 5«r ffii 

WIDELY- LIKED BARRY HUMPHRIES. 

Mon^r] _730 i _5aT7^, sag* .NOW 


AVAILABLE FOR 


DRURY LANE TTtPa frg 
8100. THE PIRATES 
Opens Jure May 26. . 

open. Group ale 3T9 6W1. 


I SP'Vn&.lt 

l. Box office now 


DUCH866. S and CC **6 |34i &«a 8L 
Wed 3. Sat 5 JO .and . 630. RICHARD 
TODD. Derm ltob\». and Carole 
Mowlam In THE BUSINESS OT MURDER. 


DUKE Of YORK'S. 836 S122.CC 836 
9837. Group sales 379 6061. B«oi 
7 45. SM ATS. NO_ MAT. TODAY, Sat 
5.0. Plavlno Good Frt A Easter Mon. 
Slmen Ca&wn 8> Patrick Ryecut 
j. P. DeeJaavv's BALTHAZAR. Enjoy pre- 
siiow mower at -Cafe Chare® plus tfct 
for £7 jBO; T*t 01-930 4740. 

FORTUNE. CC 836 


CC 2238. PEAR ' AND 

LOATHING _!«_ LAS VEGAS. Eves 6.00. 


.. prl A Sat 6 & 9. Hew Irani May 6.' 
k opens May ll at 7.00. Bar emeu 6 pm. 
1 Pub prices. 


9kcPt««.tonA l | n A ll RMi 


sat M 6,1 




V> ;«S^RWNIHG 


Allas Da»li- 

6061. Credit 


fflO M.* ... 

PETER JONES. Mon-Tjiop 


1592. 451 67706779. 
Th e nw tweedy twt 




and 


GOOD FBI 
- sales bor 



1NHE 






fife -A > ;^8!La , 7 r ^SS^J& 


TOMORROW. 





HER MAJESTY’S. 930 6606-7. CC 
■4025-6. Graop sales 379 6DS1. , 
perf Good M plsys Easter Mon., 


_ ^ *3S 

SMA ™* Dtfecteti 


KINGS HEAD. 226 191 6\ Opr 7. Show 
8. Victoria wood 8. The Great Soprwdo 
In FUNNY TURNS. t 


LONDON PALLADIUM. 01-457 7573. 
MICHAEL CRAWFORD In the Broadway 


„pN«. BAHNUM.^^0. h^wed 


cood 


Use Hi* Barnum Hotlines 


01-457 2QS5. 01-T34 


credit card reservations^ NOW 
TO FEBRUARY 5 1983. 


LYRIC. S. CC 437 

6061 . No serf 

^5flfcT3 Sr _ 

Kill 


Grp sales 370 

Friday. Last 3 


WWUtt 

rn reui, wa« ni T wow 

pre-slw*r supper rt Cafe Bwai^u* tfct 


J9H. Tel. 01-4 


LYRIC THE ATRE. ShattinCory Awe. Red 
price prewt .frtmi .April 21. Opens April 

play by Robert David MacDonald 
Advance ,to Office now open 01-437 
36BS. Tel Credit card boohing; ssomted. 


LYRIC HAMMERSMITH, S CC 01-741 
2311. Ends, feL* Today TjM a, 7.30. 
SM 4-10 4. 8.1 S u m bert Good . Frn 
BEYOND THE FOOnJGHTS. From 15 
April KnM* With EDWARD PCTHCR- 
RRIDGC. 


kY FAIR. 




PERn "on q§qb 
FRIDAY a EASTER MONDAY. Sw 

Theatre A Tlddv Del* sepper tkt £12,00. 


MraMAID^TIL, Blafltlrtar*. 'EOL- 01-2^6 


1 a Ea*ter Mon. MJK tHeCOWAN 


3368. 

Sf™ajl 

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TOO^TWt S.---928' 2252. 


-day tomorrow (Good 

IS*7f¥s eB G«fsnife ,, Wji? •* 

45 min * _Piet*pww,.yatf Ml -tot* tuo. 

7 Sat 2 jo A 7? 
Summer new May by Edward Bend. 



, .•LEASE RE f 

booking oirsspL 4. 


SSSSTi 

Wayne SIMo In VARIATIONS. Wton-FrI 

*sa W 1?., *■ ££ w 

CC. Hotline 437 8327, 

SHAFTESBURY. S CC Shaftesbury Av*. 
WC2. Tel Bex .Office 836 6596. 2nd 
Y««r Nrll Simon’s Hit Musical Welcome 
back far a season TOM CONTI wttii 
SHEILA BftANO- THEY'RE PLAYING 
OUR SONG. OAPs £4 (Wed- mat only*, 
students £4. fvas 8.0. Mat Wed 3. 
sat* 5 4 ejo credit card bkas 930 

Q 721 <4 Unci' 9 .00-7 .Q0.SBT4 B.QO- 
4.30. Red oroup bicas 01-839 3092. 

pp8§! 

SHAW. 01 -388 1394. BRING MB SUN- 
SHINE. BRING ME SWUS. C p. 

ThvIot -1 lact Pity. Reduced price are* 
April 14 at 7 JO. Open* A aril IE »t 
7.0. Sabs MBS 7.30. Until May 1 only! 

ST. MARTIN’S. Cp 836 1443. Eva 8. 
Tints 245. Sat* 5 A 8. Good FrS 8-00. 

e®S5?s iSK^er^ 

PICCADILLY. «0fi- CCrtV 65S5. 

sss, ^ &-*k> ^ ara. 

GOOD FRIDAY A EASTER MONDAY. 
Mott- FH 7 JO. Met Wed 3.0. sat 5.30 A 
B.1S. ROYAL SHAKCSPEARE COMPANY 
In Willy RtoeMrs new eomedy EDUCAT- 
ING RITA. — 



STRAND THEATRE. CC 01-836 2660. 
01-836 4143. NYREfDAWN PORTER, 
ROY, DO TRICE In MURDER IN MIND, 

A thriller by Terence Faely. Ewes Mon- 
Frl 8.0. Sac S.0 and 8.0. Mats Tbnr X 
LAST TWO WEEKS. 

PRINCE , OF WALK THEATRE. 930 8681. 

CC Hotline 9» 0846 or TUeffitte 01-200 
0200, qg-.baar. btegi). ROY HUDD. 

BMrnn JW&AJWjt 

01-379 6061. 

TALK Of THE TOWN. CC 01 -734 ‘ S0S1. 
for reservations or cm entry. Louden - * 
Greatest Nlflbt CM from B pm. 5 ham 
or Top smertalamaM. THE TALK OF THE 

. CRASH 111 Pirn ter ttm **eets oaiyL 
Dinner. Dancino, 3 bands. 


fiafF4a-v!i 

CHRIST^? cai«3s^nthe AblC 1 * 

RAYMOND REVUGRAJL CC 01-734 1593 
At 7.00. 9.00 and 11.00 pm. Open 
Suds. PAUL RAYMOND presents THE 
FESTIVAL OF EROTICA- 

LJ^LI F0XES by ULI^N KELLMAINL 
OMit cards *cm«ed. Grose sales 01 - 
379 6061. stMdjM «mm all para tor 
«*e. ^* JJ *■ -Hr of 

perf. MUST END JULY X 

ROUND IMNISB. .267- JS64. ArtsdBBf- 

puTGeod Fn. 3. weeks only. 

ROYAL COURT. S CC 730 1745. From 

aSuSAliA W>na “» NOT QUITE 

WHITEHALL. 830 6075. 9 So 8012,7785. 
CC 930 6693-4. Group sale* 370 6081. 

SADLER V WELLS THEATRE. BC1. 817 

379 6061-^.24 Sflor hutarnty anflrmed 
TOE PRINCESS Kalman's 

sra* 3gsy>BS3irD£ 

rfhtstre eioMd Good Prl A Faster Mon). 

sea jwr a i- 

ami%e HUE PARKING after ejo pm. 

A«niu*f T MiuS?*^u. 

BHf 7«%nW 9 L 
S&APJSliiRr™ HUBAv2 


YOIUMJ VlC {Waesflopl. 92B ,G3flX. s.t 


F.T. CROSSWORD 
PUZZLE No. 4,843 

ACROSS 

1 Be safe and lucky— after 
woiidiig in the garden? 
<4, 2, 4, 4) 

10 What a bowler has to make 
hastily (3, 2) 

11 Increase one’s pace, being 
vigorous about a journey 
(6, 3) 

12 Ruin some French weights 
used for gold, etc. (7) 

13 A small bag found in con- 
verted chalets (7) 

14 Part of state licence express- 
ing purpose (5) 

16 Having a slight swing, 
balance goes to Conservative 
(9) 

19 Possibly a river ship (9) 

20 Former South African upset 

fakir (5) 

22 Marking bedding material 
(7) 

25 Old, like Coleridge’s mariner 
(7) 

27 Instrument creating injury 
on one accountant (9) 

23 Type of beam for catting 
juice from frankincense (5) 

29 MiphaelmaB is one time for 
judgment (3, 2, 9) 

DOWN 

2 Female’s friend is a target 
for abuse (4, 5) 

3 Act for each drug addict (5) 

4 Foul knock for a boxer, or 
a hurricane for a sailor (5, 4) 

5 Melon-like fruit rushed up as 
follows (5). 

ft For tram to follow and 
divert (4-5)' 

7 An era or a century with' 
hope arising all round (5) 

8 To deal on credit entirely 
...(7) 



9 ... or the same thing could 
be triced (6) 

15 Telephone one dandy to 
cancel something (4, 2, 3) 

17 Mount a fox’s head for an 
Italian rustic dance (9) 

18 Off the mains and on in a 
quiet period (9) 

19 Found a counterpart to a 
lighter edition (7) 

21 Go back to soak a vessel (6) 

23 Transport motor, vehicle on 
railway (5) 

24 Direct a pilot (5)' 

28 Virginian quail left in a bit' 
of change (5) 


Solution to Puzzle No. 4,842 



a □ a □ a q □ n 
EDoaona mananaan 
b n t3 n a h b 
□ aanaa EJEnanEES 






1 











FINANCIALTIMES 


BRACKEN HOUSE, j CANNON STREET, LONDON EPAP4BY 
Tetegrams Ffriantimo, London FS4.Tetoc BS54671 
Telephone; 01-2488000 • 


Thursday April S 1982 


First blood to 


indexed gilts 


ONE NOTABLE feature of the 
financial - markets in tbe last 
three days of crisis has been the 
behaviour of the Governments 
index-linked stocks. While con- 
ventional stocks have fallen by 
some five points, taking account 
of yesterday's rally, the indexed 
stocks sagged only slightly and 
returned to their starting value. 
This feature of indexed fund- 
ing — a robust performance in 
times of crisis — is and always 
has been one of the strongest 
arguments for including in- 
dexed stocks among the official 

armoury. 


Implications 


Indeed. It Is likely that the 
[performance of the gilt-edged 
market as a whole has been 
much more robust than it 
would have been had a similar 
crisis arisen before the Govern- 
ment made clear fcts willingness 
to take the indexed route. The 
market had previously risen 
strongly after the announce- 
ment of unrestricted indexed 
gats, because investors could 
do longer suppose that the 
Government would be driven, 
as a forced borrower, to issue 
long-term stocks at yields which 
it considered excessive. That 
remains true. 


Hint of trouble 


Tbe market fall has been due 
to natural nervousness over a 
political crisis — and particu- 
larly to tiie fear that the crisis 
Tiri ghf undermine Mrs 
Thatcher's position, and lead to 
more inflationary policies. If 
inflation fears are aroused, 
then it is natural that the gap 
in yield between indexed asid 
conventional stock — the gap 
which is now the measure of 
■the market’s inflation expecta- 
tions — should widen. 


Deliberate caution 


All this must now seem so 
obvious as to be hardly worth 
remarking. Vet it does not 
require a long memory to sum- 
mon up tbe repeated funding 
crises of recent years. At a 
hint of trouble with spending 
control or miners* wages, the 
market might mount an effec- 
tive buyer’s strike; inflation 
fears thus made it much more 
difficult to fight inflation 
through monetary policy, and 
certainly more expensive. Even 
now a similar sequence of 
events — with the market in 
retreat before the prospective 
weight of borrowing, and im- 
posing high and volatile real 


The U.S., China 
and Taiwan 


RELATIONS BETWEEN China 
and the U.S. have reached a 
critical stage; Ten years pf 
patient and mutually beneficial 
diplomatic spadework by both 
sides now appear seriously at 
risk as a result of American in- 
sistence on selling arms to Tai- 
wan and China's uncompromis- 
ing opposition. Peking claims 
such a move infringes the sacred 
principle of Chinese sovereignty. 

The next few weeks will deter- 
mine whether China carries 
through with its threat to down- 
grade relations if, as seems cer- 
tain, the VS. Administration 
asks for the approval of Con- 
gress for the sale of $60ra in 
military spare parts to Taiwan. 


Two reasons 


Confrontation 


It is conceivable that such a 
move can be avoided. The U.S. 
is anxious to avoid a showdown, 
■whose only predictable outcome 
would be to give add and com- 
fort to the Soviet Union and is 
working for a compromise. 

The Chinese, on their part 
must be seriously concerned that 
a confrontation which led to a 
recall of their ambassador in 
Washington would not, indeed 
coaid not, be confined to the 
political sphere and would in- 
evitably affect economic, trade 
and cultural relations with the 
U.S. One of the big selling 
points of closer relations with 
Washington to a Chinese nation 
bewildered by a succession of 
sweeping policy changes in the 
past SO years is the use of 
American money and technology. 

Whatever happens— and it is 
inconceivable that there Should 
not be some Chinese reaction to 
the next move due from Wash- 
ington— it is already clear that 
relations between the world’s 
most powerful and the world's 
most populous nation have 
received a knock. Chinese 
suspicions that President 
Reagan is bent on pursuing a 
“two-China" policy wiH not 
he easily allayed. The Soviet 
Union has already sought to 
exploit the rift by redoubling 
its offer of reconriHatiofli to 
China- . _ 

Furthermore, even if a formal 
down-grading of relations can 
be avoided the row has already 
chipped away at a number of 
precariously balanced relation- 
ships. In Asia, stability and the 
Interests of the West are rooted 
in the hope that relations 
between China and the U.S. will 
improve, while the rift between 
China and the Soviet Union 
remains irreparable. 

This is as true of Asean's 


Loosely worded 


Financial Times .Thursday April &1982. 


WORLD PHOTOGRAPHIC INDUSTRY 


Sony squares up to Kodak 


By Ian Rodger and Elaine Williams 


L IKE TWO prise fighters 
foil of respect for each 
other, America's Eastman 
Kodak and Japan’s Sony Cor- 
poration are still denying that 
they are about to ■ take each 
other on. 


borrowing costs— is at the heart 
of the U.S. crisis, wtech still 
threatens at any stage to under- 
mine our own efforts at econo- 
mic management. 

It seems odd, then, that the 
House of Commons Treasury 
and Civil Service ComitteC, 
which devoted quite a large 
pvt of its Budget hearings to 
the subject of indexation, 
scarcely even considered, its 
impact cm funding. 


But in the past few months, 
Sony has hbi*nd at a bold 
strategy for attacking Kodak's 
long-held domination of the 
free world amateur photography 
market. 


This Is in a sense a tribute to 
the Government’s fiscal policies, 
which have inspired increasing 
calm in the markets — though 
they have not yet driven yields 
down to the point which would 
proclaim confidence. 

The committee, which is in 
any case to be congratulated on 
giving to the most significant 
change in tbe Budget the atten- 
tion its deserves, was more 
concerned with two other ques- 
tions: the impact on the Budget 
accounts, and the implications 
for private borrowers. 

So far as the Budget figures 
are concerned, the committee 
was entirely right to stress that 
the figures for public sector 
borrowing, that crossbred sacred 
cow of fiscal policy, are rendered 
even more deceptive than 
before. The apparent fall in the 
PSBR which is- achieved by pay- 
ing inflation compensation on 
maturity rather than through 
interest payments dees mean 
that monetary control is easier, 
but it does sot mean that fiscal 
policy is tighter. 


In this respect, as in many 
others, we stiH have- everything 
to learn about the real meaning 
of indexation. For example, the 
committee stressed the remain- 
ing tax disadvantages for any 
private borrower wanting to 
secure the cash-flow advantages 
on an indexed bond— or of its 
second eouson, a deep discount 
bond. It is (dear that the 
Government's caution here is 
deliberate. The Governor of the 
Bank of England is not the only 
official wary of making the pro- 
cess of indexation too easy, 
despite its potential for financ- 
ing long-term investment. How- 
ever, the advantage of tbe new 
method simply to assist funding 
has now been demonstrated, and 
that deserves to go on the 
record. 


- The large Japanese audio mid 
video products group (1981 
sales of $4.86bn) has been 
demonstrating a camera that 
uses magnetic tape instead of 
■A in u and so can store pictures 
conveniently and present them 
Instantly. 

For the moment, Sony is 
claiming that its prototype 
Mavica (for magnetic video 
camera), which would sell for 
about £350. is intended mainly 
for institutional markets. Kodak, 
too, insists that the threat of 
tape-based cameras in the 
popular market is still distant. 
All that Polaroid will say is 
that "there are many ways 
I instant photography and elec- 
tronics can interface, but we 
are never specific.” 

I It would be easy to dismiss 
Kodak's view as the natural 
defensive reaction of a market . 
leader. With annual sales of 
?10.3bn and net profits of 
J 1 . 2 bn more - than 80 per 
cent of which comes from 
! photography, the grotzp has a 
lot to hang on to. 

As well as leading the market 
for amateur cameras, It has 
over 60 per cent of the free 
world market for conventional 
ama teur film . and 40 per Gent 
of the colour paper business, 
in the US. market, it sells 90 
per cent of all colour film. 
Profit margins on film and paper 
are a breathtaking 50 per cent, 
or. more. 



Mr Aldo Marita, chairman and! co-founder of Sony Corporation, with the Sony 

Disc 4000 on his right 


magnetic video camera on the left and the Kodak 


But Kodak is widely re- 
spected for its research and 
development and for its almost 
Japanese corporate culture 
that encourages employees to 
take a long-term view. If 
some other- Western industries 
have succumbed to. Japanese 
advances, it cannot be assumed 
that Kodak too, is condemned 
to decline. 


The group has looked care- 
fully at video technology and 
probably has tbe ability to 
produce a video camera if it 
wants. But it has concluded 
that this development' is at 
least a decade away. And early 
this year, it backed up its con- 
fidence in conventional film 
technology by introducing a 
family erf cameras with com- 
patible films and processing 
equipment, the so-caHed disc 
system. 


continuing support of the 
Cfcdnese-backed Khmer .Rouge 
against the Vietnamese, and 
hence Soviet-backed, regime, in 
Phnom Penh as it is of South 
Korea's and Japan’s confidence 
that they can hold the Com- 
munist threat at bay as long as 
China remains, if not exactly 
with them, then not against 
them. 


The marketplace facts of 
life add 1 ° the significance -of 
this move, for Kodak’s com- 
petitors wiR have no choice 
but to follow. And independent 
photo processors, wall have to 
invest heavily in hand li ng 
equipment for the new Kne. 
The last development of this 
magnitude was Kodak’s Instar 
matte, introduced in 1963. 


If the competitors and pro- 
cessors are worried that video- 
tape wiH start cutting into 
their market before they can 
amortise their investments in 
disc, they are not showing it 

On 'the contrary, hurt by 
lacklustre sales growth In the 
past two years, they hope that 
the new system vriH proride a 
fillip to picture-taking. 

Fuji Photo Film, a fast- 
rising competitor, said if 
Kodak’s new disc camera ex- 
panded the market that would 
be appreciated. And Agfa 
Gevaert said any activity that 
would stimulate photographic 
markets was welcome; The 
hard-pressed subsidiary of the 
German chemical giant. Bayer, 
said it would be manufacturing 
processing equipment for the 
disc line and was considering 
the possibility of making com- 
patible cameras and films. 

3M, the U.S. company, .also 
sees the Kodak disc as another 
way of expanding the camera 
market and plans to make and 
process the discs when they 
become available. 

Ilford, the Britito film com- 
pany owned by Ciba-Gelgy of 
Switzerland, abandoned colour 
film production two years ago. 

Among processors, Guardian 
Photo, a leading U.S. company, 
welcomed the disc system 
enthusiastically. “It gives us 
the opportunity to do a better 
job .with fewer steps,” Mr 
David Reynolds, vice-president, 
said. "It lends itself to more 
automation so we should get a 
better return.” 

Guardian, which has about a! 
5 per cent share of the $3bn 
processing market in the U.S., 
is investing ?L5m this year on 
disc equipment and expects at 
least to double that in 1983. 


As for the Mavica,. Mr Rey- 
nolds shares Kodak's view that 
there is a market for it but, 
because the price Is high, most 
amateurs -won’t be able to 
afford it 

A major British processor 
welcomed the arrival of the 
Kodak disc system because he 
thought it would cause many 
smaller operations to drop by 
the wayside. 

Although the future of 
Kodak’s disc system cannot be 
judged for certain until tbe 
product is on the market, there 
seems little doubt of its short- 
term success. 

The North American launch 


is scheduled for May 17 and 
'sales. begin in Europe in the 
autumn. The system, which 
uses a new fine grain film, very 
sharp lens and automatic 
measurement promises idiot- 
proof operation and better 

results thaw TnstawnaliftS- 

Kodak’s hope, of course, is 
that toe better results will lead 
people to take more pictures 
and so consume more film and 
photographic paper. 

Priced from $67.95 to $142.95 
in the UJL, the cameras are 
semi by Kodak as an Ideal 
stocking stuffier for next 
Christmas. And they probably 
will be. 


KODAK STILL DOMINATES 


AS WITH everything else in 
the popular photography mar- 
ket^ Kodak dominate the 
sales of cameras. The com- 
pany has sold more than 150m 
cartridge loading cameras 
since it introduced the Insta- 
matic concept in 1968,- an- 
average rate of 8.3m a year. 

Polaroid, which is probably 
the second largest seller of 
amateur cameras in the world, 
sold 6.6m instant cameras in 
1980. 

To a considerable extent, 
the marketing of amateur 
cameras, unlike the sale of 
35mm cameras, Is a business 
designed to promote sales of 
film and paper. Other than 
Kodak and Polaroid, Fuji, 
Konlshiroku and Agfa Gev- 
aert aU have substantial 
camera, as well as film, sales. 
Some major camera retailers, , 
such as Boots in the XJK, have 
their own private brands of 
cameras for similar reasons. 


However, margins have 
been sufficient In recent years 
to attract a large number of 
other manufacturers as welL 
Among them are Hannimex, 
Canon, Cosine, Min- 
olta and Vtvitar, all of Japan, 
and International Telegraph 
and Telephone of the UJS. 

Data .on the size of the 
market and market shares is 
difficult to obtain. A survey 
of the UK market in 1979 
found that 62 per cent of 
cameras owned were made by 
Kodak, with Agfa, Polaroid, 
ITT, Boots and Vlvitar the 
other main competitors. 

Kodak also dominates the 
film colour and paper busi- 
ness, with an estimated 90 per 
cent share in the U.S. and an 
81 per emit share in Britain. 
Other brand manufacturers 
include Fuji and Agfa while 
3M of toe UJS. and Kcrai- 
shiroku of Japan produce 
most of the private brands. 


Meanwhile, Sony has been 
travelling the world since last 
August demonstrating its pro- 
totype Mavica. This particular 
model is obviously not for the 
amateur market. It has the size 
and operational complexity of 
a professional 35-millimetre 
camera costing twice as much. 

“Don’t forget our Mavica 
has more complicated inrides 
than an ordinary camera," Mr 
Altio Merita, chairman of Sony, 
said this week. “ It is actually 
a video camera and a video 
recorder.” 

For tbe moment, also, toe 
quality of reproduction from 
the Mavica is unacceptably 
inferior to an Instamatic snap 
shot. . This is because the 
camera's “eye” — the so-called 
charge-coupled device or CCD 
which transforms light waves 
into electronic data— has only 
about a. third of density of a 
( fine photo film. 

Once stored on toe magnetic 
tape — which, iromcaUy, is also .in 
toe form of a small disc — 
Marina's images can be trans- 
.mitted either .on to^ -a. television 
'screen or on to poper with tbe 
use of a printing device. 

Both forms of display stdl 
yield crude results. The colours 
in the prints are badly dis- 
torted Mid the resolution on the 
screen Is, limited, ,of course, by 
the quality of the television set. 

But Mavica quality is cer- 
tainly adequate for some institu- 
tional needs and the potential 
versatility captures the imagina- 
tion. 

Mr Morita said that Sony is 
working on a project whereby 
photographers for Japan’s lead- 
ing newspaper, Asahi SbSmbun, 
would use only Marioas. Tbe 
key -advantage is that toe elec- 
tronic data on tbe- magnetic 


tape eft* be transmitted inte- 
grator through a telephone line. 

From there, toe jump to toe 
mass consumer market Is per 
haps not so groat. - - 

“ People will spend more and 
more time at their television 
screens,” Mr Morita suggested, 
mentioning developments such 
as PresteL Teletext end two-way 
cable teJeriSion. it . 

emerged, can provide the 
increasingly needed ahtltty to 
make a papercopy ofinfocma* - 
torn displayed on the screen. 

But for toe ordinary person 
taking snaps of the family; it • 
offers other possibilities. “You 
won't have to have, any prints 
or send your pictures out for 
processing," Mr Morita sattL 
Discs, each containing 50 pic* :• 
tures. could he popped Into an 
envelope and sent off in the - 
man to relatives and friends. 

Sony plans to start setting the / 

Mavica in Japan late next year. ' 

It would be surprising if the 
quality had not improved con- • 
ridcrably by then. And a- drop 
in price is also likely, perhaps 
to the point where It starts 
cutting into the popular photo ■ 
market 

But Mr Morita was wary both 
about how quickly the tech- 
nology would advance and about 
Kodak’s plans. 

"During 140 years, Kodak has 
developed substantially," he 
said. "Immediately after, Fuji 
came out with a 400 ASA film, j 
Kodak came out with one. They | 
may have many secret tech- ■ 
oologies." / 

In order to avoid the incus* 

' patibte systems that have ! 
developed in video cassette I 
recorders, any company with • 
sound video and CCD technology 
would be welcome to join Sony , :> 
on toe Mavica project Mr 
Morita said. ; 

But asked if that included : 
Kodak, he said “ No.” 

He still .insisted tost Sony ' 
was not trying to tread on 
Kodak’s toes, and would be j- 
content to exploit institutional . 
markets which, he pointed out; ) 
were more profitable than mass 
markets. 

" We fed this Is a new system . 
and will create new demand: If j - t - 
you want high definition, a ; ■' 
photographic system is better. * 

Our concept is like the video . : 
camera. It opened a new 'field . 

other than toe jfi-nriittmetre. - .-j v- 
film camera. Therefore, they • !•-- 

should not he compared." .»• 

That comparison recalls a f 
speech Mr Morita made only 1 
; twq-iwmtbft ago.to^a-En»M«- 
Management Forum on how toe , 
video camera was developed. 

Sony decided 25 years ago to ‘ - 
develop video recording tech- • . j 
nology. So it spent whatever ! 1 

was needed on development 
without regard for whether the • 

products would initially be too \ 

expensive to sell. j 

Using such a strategy, he said, .. . : pjj £ 
a product’s - price may initially • i • • 
be quite high and the market 
small. 'j “ ■ 

“But we will sell it in that i.’.' 
small market to establish this h. 

new sector of our business. * 
Then we will gradually create ; : ■ 

wider demand until finally ve~ 
can start mass production for i;’' 

an expanded market." I ’ 


Men & Matters 


.The lessons of toe Taiwan 
episode which toe U.S. and 
others— not least Britain with 
its looming problem of toe 
expiry of lease In the New 
Territories of Hong Kong in 
1977— -should digest is that 
sovereignty is the raw nerve of 
the Chinese body politic. 

There acre two .reasons for 
this. The first, and most 
important is that. Taiwan is a 
constant and painful reminder 
of the battle fair control of 
China which many of tbe 
present leadership were 
involved in prior to liberation 
in 1949. It is, for them, a matter 
of pride and intense emotion. 
The second is that, as they see 
it the longer Taiwan receives 
economic, political and military 
succour from toe US. the 
longer it will take Peking to 
reassert control over toe last 
remaining bastion of Chang Kai- 
Shek's . Nationalists. 

Unfortunately toe Taiwan 
issue has now become a political 
football within the leadership. 
The only possible interpretation 
of Peking’s increasingly hard 
line is that Deng Xiaoping, toe 
architect of closer relations with 
the U.S., has come under fire 
from those within toe leader- 
ship who disagree with Him No 
doubt in some embarrassment 
he has hod to outhawk the 
hawks - . 


Bids and deals 


Mr Reagan has chosen to 
stand by toe Taiwan Relations 
Act passed in 1979, • which 
allows for the continued sale 
of weapons to Tafeest. He is also 
under pressure from tbe right- 
witog Taiwan lobby which 
helped to sweep farm to power. 

He would he better advised 
to take boa lead from toe spirit 
of toe Shanghai communique, 
signed in 1972 between Richard 
Nixon and the late Chon. En-lai, 
which took full account of 
Chinese sensitivities and toe 
paramount, concept, of "face” 
and was loosely worded enough 
for both sides to do what they 
felt they had to do without 
pab&dy offending to** other. 


There are two ways of looking 
at the farraadiiog changes at 
Sotbefays where Gordon Brnnton 
replaces toe Eari of Westmor- 
land as chairman of toe group 
worldwide and tour directors 
leave toe main board. 

The official view is that tbSs 
Is just a stage in toe reorganis- 
ation of toe Mayfair auction 
nouse. 

Others see it as a further 
round In toe fight for supremacy 
in a company Which has never 
really got over the sudden 
departure of fanner chairman 
Peter WHaon for toe South of 
France a couple of years ago. 

Wilson bnflt Sothebys from a 
anflli London base into a rural U- 
natumal giant dominating foe 
increasingly inteaaationai art 
market. The selection of his 
cousin Lord "W-estmoriand to 

follow him as chairman was a 
surprise. Westmoriand’e career 
at Sothebys had always been be- 
hin d toe scenes: be was neither 
»n auctioneer nor a specialist in 
a particular field, and has deri- 
sion to hand over executive 
power lat December to G rah a m 
LteweSlya who had. _ risen 
thrnng h toe ranks of toe import- 
ant jewels department seemed 
to put the company firerily back 
into toe bands of tbe experts. 

But Sothebys is set to make 
a toss toSs year. It is worried fay 
a collapse of toe antiques trade 
in toe medium-price sector 
which has a ggr a vated toe heavy 
tiroafnnmg of costly expansion 
pr ogr a mmes in New York and 
London to recent years. 

In addition there has been a 
fostering row with fix main 
customers, toe antique dealers, 
over toe introduction of the 
buyer’s presmom, end an 
absence of assy reaSty Wg criDec- 
tkms for sale. The disposal of 
Hevar Castle, announced on 
Monday, is good for prestige but 
the contents, valued at £3m, are 
nototog. compared wato toe 
Meptmoce or toe Von Hxrsch 
sales of toe fefte 1970’s. 

Against tins background toe 
key changes are toe <Ksappets> 


ance from the group board of 
Peregrine Potten mid Marcus 
LaxmelL Pollen, the biggest indi- 
vidual shareholder in Sothebys, 
was regarded in many quarters 
as a natural successor to Peter 
Wilson and Unwell as a young 
man most likely to reach toe 
top quickly. He had been given 
responsfoiKty for organising 
Meatmore mid Van Borsch, toe 
sales winch wftfi their publicity 
end profttabiHty <Bd so much to 
ensure Sothebys a smooth public 
quotation, and the recommenda- 
tion of stock exchange analysts. 

IArmeM stays on as toe direc- 
tor in charge of revising the 
troubled British end of toe busi- 
ness but Pollen’s tong career at 
Sothebys cotfld be nearing a 
close. The rising men is Jnftfetn 
Thompson, 40. an expert M 
Chinese art wbo becomes vice- 
chairman in charge of non- 
American operations. 




MiMKi 


i - | 


sity piled on the pressure 
before ending third. But the 
St Johns team of three mathe- 
maticians and a lawyer proved 
to be a wanning mix w he®, the 
highest fence on the course 
was erected: a deep and unpre- 
dicted economic recession that 
set all the embryonic tycoons 
reeling. Was Dedoitte influ- 
enced by inside knowledge 
when settling this gszzte, I 
wonder? 

Aberystwyth played well 
under tbe business title, Wall 
Street Smash. Deloitte is thank- 
ing of making toe game inter- 
national next year as 20,000 of 
its 24,000 accountants work 
outride the UK. How about a 
team of high risk-takers calling 
itself the Wadi Street Window 
Ledge7 



Balancing act 


— - 


Fused 


"I think there’s a limit to toe 
time one can work standing on 
this particular tightrope,” says 
Geoffi-ey Chandler, who is to 
stay on just one more year as 
director general of toe National 
Economic Development Council 
after his current five-year 
contract expires in June. 

The 59-year-old former Shell 
executive's attempts to balance 
the interests of CBL TUC and 
Government on pay aid Indus- 
trial policies have inevitably 
found hhn at some time or 
another out of joint with all 
of them. 

“If you stand still . . . yon 
fall off. J£ you move a bit you 
get sandbagged and if you move 
too fast you get thoroughly 
sandbagged,” he says, offering 
to show his bruises from 
“pushing consensus to the 
limit.” 

But Chandler’s experience is 
not unique. Only Sir Fred 
Catoerwood before him has 
served more than five years. 
And Sir Ronald McIntosh, a 
former senior civil servant, left 
the post In less toast five saying 


“He's no longer here .... 
he came under the hammer 
yesterday!” 


“four years, is all a human 
frame could stand.” 

Now the search must- begin 
for another masochist to run 
this low-key version of the 
corporate state. The first 
question is whether to go for 
another man from industry wbo 
might, be too publicly out- 
spoken and persistent; or for 
a civil servant of dubious 
independence. 


Brinkmanship 


After ■ three gruelling days 
making business decisions 
behind dosed doors m the 
Hilton, Park Lane, St Johns 
College, Cambridge, triumphed 
yesterday waning the third 
annual Detoitte and 

Sells university management 
game. 

A team of cLvfl engineers 
from Bristol University 
(second place) were storming 
along until- near toe- end. And 
accountants from Bath Uztiver* 


I know what it is like to fed 
over the hill at 40, and tbe dog 
looks ready for the great kennel 
in the sky at only 15. 

Bu t the computer world Is 
carrying the concept of a short 
life and a merry one to soar 
extremes. 

Gulf Oil has given a 4-year- 
old IBM computer, which cost 
£250,000. to the Science 
Museum hi South Kensington.. 
There It will join a collection of 
historic computer hardware, 
much of it less than ten years 
old. 

Gulf says the venerable 4- 
yearold is really not iq> to Its 
work alongside younger 
brothers and sisters. It has betel 
replaced by an IBM 4341 model 
which works three times -as 
quickly and has a memory four 
times larger. 


No welshers 


TSmes are tough in the metals 
business, “Even toe people 
who don’t pay their hills aren’t 
ordering now. ” a steelman has 
told Metal BuHetin. 


Observer 


1 






I' 




■ •-' - -J^antdal times Thursday April 8 1982 



ECONOMIC VIEWPOINT 



Lombard 


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SM?55!S^~5 Soffit 


world of 1882 rather than 1982 
Indeed it was exactly 100 years 
ago that a government headed 
by Mr- Gladstone and devoted to 
** Psace, retrenchment and 
reform " changed course with an 
expedition, to Egypt— and .lost 
John Blight its most free mar* 
ket member. / -. 


333 


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-n 


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• ir/. 

;Xf - 
yHX !. 

J { 


In' more recehr tiroes, the last 
major British /military expedi- 
tion was .ihe ySuez invasion of 

just over 25 vfears ago. In con- 
trast to Mr Gladstone's, it was 


SSL,!? 1982- maritet intervention has to he 
ioo years reinforced by radically higher 
mment headed interest rates we must grtn and 
ana devoted to bear it.. Once the crisis is over 
an ^' ** he very easy to let 
f comSe with an interest rates drop back. . On 
■syiK—and . lost ttfe other hand a sterling depre- 
mpfet free mar- cfaffon could lead to a chain of 
/ ■ inflationary developments, very 

i times, the last difficult to reverse. Moreover 
iflitary expettf- there is everything to he said 
lez invasion of for letting people realise as soon 
b ago. In con- as possible that patriotic belli- 
[stone's, St was gerence has its costs— most fan- 


-- _ r ■ — f . o — . .M W ami uva u iny fl hq^ 

halted in itsjtracks by a nm on portantin human lives, but also 


.sterling an 
-Americans 
application 
cease-fire h 
History ; 
exactly; bd 
which havr 


land cx 
crucial 
exchanj 
main t 

for, the 
of the 1 


mthe refusal of /the -in economic resources! 
tp support a British At present, (fee main f ears of 
to the IMP until a the financial markets retoe to 
jW been announced. ' British domestttc politics. Si- ' 
pxely repeats itself- vesfiors and sterling hoiders are 
: of all the markets afraid of unsta?bde Gove rnme nt, 
reacted to the Falk- weak Gdvesmnent, or a new 
sterling is still the Government less c ommitted to 


By Samuel Brittan 


■aii 

on Unemployment 


£2 bn Public 
bivestment Boocl 

^’SX VAX Cut 


2 X Short “famS 
Merest Rota Cut 


£2 bn PubEc 
Investment Boost 


on Inflation 


2^ShorMenn 
‘Merest Rate Cut 


the Atlantic 

By John Wyles 'in Brussels 


4*5^ YAT Cut 


ls% sterling is still the Government less committed fo ' • - 

grata has bSn^fbe “But time goes on, Iteasury’s detafided relat 

rinsmission. mechanism attention is litoety to swi^ qua ^-^1981 JjL 4 ?* aMewtvy expensive labour or tureed out to be wrong, 

najor. economic changes , prtttfcal to the pubHc S? SLS-ST subsidisfed The projections ^Sated In 

fet three years: ezpendltree cost, which iTso ^ «g2“fc heading to too rapid a respond to aTOtireauM S 

ones such as the sharp often under-estimated in Ihe subs * lltu hMi of machines for inveotigate the efifenlsdSw 

lured T^donand nn- case ^ over*** expedteh^ ***&££&!& n *** 


originated tn 


I t&vmuuui UUl Udlr “ — ' w vx CjLpeuODllS, 

sploslon— and. the becaiise the repercussions of 
png ones, such as deci sions talpen in Ihe heat of 
wage settlements tee moment are not foreseen, 
productivity and „ *> e important for the 

industrial per- pwpsiKms Treasury Committee 
to insist on cost estimates, 
ration of a firm If the costs really mount, it 
Uing. oil. and raw would be better to raise taxes, 
» was be ginning - 

some Whitehall — ■ — ■ — 

irienced in analys- It wonld be 
ical entrails, that < f. 

9 per cent infla- OettfiT to 

1682 might be raise f 9wc 
its IJ per cent raxes 

t tOO lOW. • This ~ — ■ ' . — nr- 

be one explain*- ; i. ' . " 

prising tail in p off T *> sooner rather' than 

yment rise in the “ter. Nothing could do more 
s. to coavmoe the Argentina fimt 


_ The National Economic substitution of machines for iavestiwjp piWt'Tv'i, 
l^topment Office (MEDO) has people. The Treasury proj" 

made an exhaustive study of tians envisage on the other hand rguctwn 

Whether, the aaim in nuw&o. airhnnm^- m X AT : As the charts show, the 


«Mwr. fa ninte ■FiqmS : tmaSn rfBOW - tee 

toteg pirodiuctiiirity -reflect -an ance “ pricing people intotobs/’ S*a° 

en d u ring change of trend; and in a manner akin to lower wage ta 

not surprising^ the ^tiatical Increases. ^ meinpi aymeiut wbwh is mare 

" ” _ mPTVlTfV .onri riAfliobfitlw 


ere ambiguous. In each Indeed the C hance llor's most 
of the past three recessions, controversial projection is 


Indeed the Ctanceltart rat ttaEta S? SSUZwtt 
controversial projection i« ^ me case a VAT cut 

designed to show that a once J?* ^ ^ V AT 
and for all 2 tier rant itmn u brings no permanent gain to 


there have been “exceptional " designed to show that a once i ■ K. j\ pe r ceg t 001 ta VA T 
pnodirowrty gains. These have , and for all 2 per cent dropin BSJSii P a y ent 
been by far the largest in the money earnings, relative to tot 

last recession, but so has the. fmiecast, wffiboost and not 1 f sls lon ® er 

recession itself. The evidence curtail employment HfepaSer SS severe - 

for a more fundaments^ change concedes that there will lien ^teren ce from the 

of trend is not yet statistfaai reduction in real soendinv P^hhc investment case is that 
bot comes from anecdotal (but power for those ahead* 18 “ toatMly favourable 

ettllimipprtant) evidence that work, not entirely “? wage 

orer fi« ra». On the otto 


the recession by' developing hand exportcSnoetitS^?^ for a wfafle the effects of Mgber 
new products, opening up low boostod^d^S^ e ^*^ e «*tes on 
foarfcrts overseas and made and investmentS%i^mv? teeooirporirte sector, 
improvements " m woridng The real value of 1 * us 10 tee short to medfann 

arrangements and nranagemSt tern period to wftidh spending 


If toe uo^Twexe .n^ , ^rnmZZMEmEZ S tenements - in wori^ S XX * tee sh^t to mednnn 

! plunge, all* the hard-won benefits to ma ^ e British leaders mana ® ement «>endlng, corresponding to to ^ch pending 

woSdbe at ^ WaSr?iiJS **&^ej*« "***• * 

would- be nothing to show m ^ ^dof toe need to nego- **_ 


would- be nothing to show in SSJSv* OMd to neffh 
return for recent miseries, and !SE- 

tenShms. The present crisis is toe J<An- 

just’ffbe kind of political eme£ 80 &*£***' 

genejr. - the ; most convinced <W ^ y do on Vietnam. 

belierers in nearly dean float- HAD IT not- hem #«r' 


^ven .cash 

Unemployment 


limits, rises. 


iue. xreasuzy an hb papas Unemokwmenf: etm-te 8 0x1 amanner taxes seems 

? t ff 1> led , to le ¥» *<“ wS^^ hjhSi.ir ^ffff f f, M " i-eipM flan «he more 
higher pro^icfavity would mean after five yeara^ra*lS%S TPl” 01 " sounding route of 
more unemployment It fed into lowr uu£a»"E SS pubUc investment 

a version of its forecasting -1 per cent invher ne ™y Critics will certainly say that 

model a cnce-fozwOl 1 per cent The Tre^TLiirt* tee disappointing results of 

increase in productivity, however S** 1 «teniilation comes from 

together with « .docfrfmfi SSjtkZ \Jf1ZLJS2Z tte monetM y targets which 
improvement in non-price force the Chancellor to bid up 


to* ”?™ . night 

Sw fr"*™. taw been ^ 


Thev'shoulrf inW+ka Ttartw; isianos, yesterday's ««™r a once-forrall eonmrehenalMp^ monetary targets which 

“«fefttaNsttoimBX>- btowrant in nmnaice (Sw^ng foreefte CtanceBor to bia up 
the - trade-^^S Deveaopment Council might repetitiveness. The projecaoni poJto? *^L S «Lf^S S t ! re * t rates *« finance a 

toe been a reasonably showed a very moaWlo.nnn <to.to.tal higher Budget deficit The 


ver^nearly made into ail official STInXXuSrlS 


omenve. - - . k— « second, with the eventual casTS^iSAiL^LJS; ? nrd Projection showing short- 

reserves of newrlv siohn 2^ ai ^ meabea ‘ Bot ' effert(rf . 8 50.000 decrease in tenn interest rates hrid at 2 

I’narf^SSr^fi tew* to-be entirety unemployment . wage po* or per cent below what they would 

2££Sr depre ^ Ed estimatTSa The Sd of productivity JS£T?L otherwise be, irrespective of toe 

suprismg speed if ..sentiment nse to . m a rw &u tfnri ng output fanprovemtotwtoch^i^S P 011 ^ effects. The boost 

-V v . . j “^ootoweven rfsonieof ihe to employment indeed lasts 


± .:• ; 5 - I 

at "> -■-; »•>, ••■• •• ;• | 

Graham Laver 

s longer, but is stiH nearly gone 
within five years. 

J As toe Chancellor's opening 
' remarks emphasised, the idea 
' that interest rates could be 
1 permanently reduced by fiat 
- is extremely unconvincing, in 
: practice any attempt at a large- 
1 scale combination of toe three 
; types of boost shown in the 
charts would lead to rapid in- 
flation and exchange rate de- 
preciation and thus to much 
higher rather than lower in- 
terest rates. Once confidence 
was lost, adverse effects, which 
take several years in toe model, 
could occur overnight 

As numerous government 
critics claim that alternative 
policies are based on H the 
Treasury model," the Chancel- 
lor's paper has the debating 
purpose of showing that two 
can play this game. The main 
practical use of such models is 
to demonstrate the detailed 
paths by which economic rela- 
tionships work themselves out 
in a complex non-barter world. 
Forecasting models can make 
some contribution to toe discus- 
sions of modest deviations 
within a given policy frame- 
work. 

But neither toe Treasury nor 
any alternative model can save 
one toe intellectual effort of 
coping with radically different 
views of how the world works 
or choosing between alternative 
policy frameworks. These are 
matters on which we have to 
instruct toe models tor more 
than the models can instruct 
us. 


IF BRITAIN has to go to war 
with Argentina for want of a 
negotiated settlement on toe 
Falkland Islands, President 
Reagan may well have to choose 
between his “two friends” who 
win be locked in such a regret- 
table conflict. Any equivocation 
then in his backing for the UK 
could cost Mm the loyally of Mrs 
Thatcher and her government 
who have been his staunchest 
defenders during what many 
European politicians believe is 
an awful period in Atlantic 
relations. 

So awful, in fact, that we are 
witnessing an unusual flowering 
of ideas for treating the infec- 
tion in Europe- America 

relations. The Belgian Foreign 
Minister, Mr Leo Tindemans, 

, talks of the need to wrap “new 
structures” around the relation- 
ships. Herr Hans Dietrich 
Genscher. his West German 
counterpart, wants regular in- 
formal “off the record meet- 
ings" of Nato foreign ministers 
and Italy’s Sig Emilio Colombo 
has called for a “Euro- 
American friendship pact." 

There is more attitude than 
analysis behind these European 
utterlngs. They reflect a feel- 
ing— which was not shared 
Incidentally by Lord Carrington 
— that the relationship with the 
U.S. is suffering more than its 
usual degree of difficulty. 

There Is a sense in toe 
capitals of continental Europe 
that existing alliance structures 
are failing to deliver sufficient 
mutual understanding and 
policy alignments on key 
security, economic and political 
issues to satisfy politicians and 
public opinions on toe two 
sides of toe Atlantic.. 

On tiie European side, there 
ds also a feeling tint the 
aM lance’s problems stem partly 
from the inability of European * 
governments to present a 1 
sufficiently - coherent, cohesive 
and consistent front in dealing 
with toe UJS. on the major 
issues. Mora often to an not 
European diplomats and 
politicians spend their time try- 
ing to develop a common 
reaction to U.S. policies on the 1 
Middle East, Central America ! 
or East-West _ relations rather J 
than on creative diplomacy of > 
their own. 


But as Sig Colombo made 
dear in bis lecture at George- 


r town University, Washington, 
a recently there is still sufficient 
e Identity of interests between 
t the two sides of the Atlantic 
e to yield a common view that 

0 “Moscow no longer intends to 
> respect the general rules of 

1 conduct between the two super- 
C powers which were agreed by 

s Nixon and Brezhnev in 1972.” 
t The increasingly urgent ques- 
t tion, however, is how to secure 
j more smoothly a common res- 
j ponse when, as the Italian 

• Minister pointed out, powerful 
sections of U.S. public opinion 

, are in favour of a test of 
; strength with toe Soviet Union 

• whale in Europe there is some 
’ drift “in the direction of a 
| dangerous neutralism." 

Past of the answer must He 
in a more fruitful search for a 
new alliance structure which 
does more to reconcile U.S. and 
European public opinions and 
in the process strengthens the 
obligation on government 
leaders to reach agreed posi- 
tions. 

The first step In this direc- 
tion might be the creation of a 
new Atlantic Assembly which 
would meet at least two or three 
times a year. Membership would 
comprise key congressional 
leaders in the foreign policy 
field and their counterparts 
from the 13 European members 
of Nato. The Assembly, how- 
ever, must be independent of 
the Nato structure because its 
concerns would be global 
foreign policy and security 
issues. 

There would be little point to 
its existence, however, if it 
were just another talking shop 
for politicians. Its meetings 
should come both before and 
after discussions fay foreign 
ministers meeting outside toe 
Nato framework who would 
provide representatives to 
explain and justify member 
governments’ policy decisions. 

It could also, of course, be 
risky and dangerous, serving 
only to highlight divisions. 
Government leaders on both 
sides of toe Atlantic are already 
so intimidated by their 
economic and political problems 
that none are disposed to take 
any more risks than, they have 
to. But arguably only an imagin- 
ative and creative solution will 
be sufficient to control seriously 
diverging currents of public 
opinion on the two sides of the 
Atlantic. 


Letters to the Editor 

Ihe Falklands: military action hot the only way 


From. laird Noei-Bafter 
Sir,— May'I thank you for 
your admirable' article of April 
5 . “ Jingoism is not toe way." 
You are right 4o emphasise the 
S»at.. .significance -of the 
Securi ty- Qoupcll Resohrtion’s 10 
votes to I .against aggressioo, 
with four abstentions. You are 
right to explore the need, for 
lonff-tena , solutions far the 
Falklands preblem, and peace- 
flu means of bringing pressure 
on tofe. Argentine jimta. . . 

: lTre Argentine aggression 
has,. a' double significance for 
Britain aspd for British citizens: 
it-.is /ap-impudent and immoral 
.insult tn : dur national pride, in- 
tended { 0 fainniliate us in. the 
eyes of ihe woridr and toTrifow 
that we have no longer enough 
military, naval and’ air strength 
tq'jsrofect our fellow citizens in 
-tile Islands; : and 1 it is. -a. flagrant 
crime against toe " chanter lane, 
of United Nations “by which our- 
legal rights have been acanda- 


lously violated. 

Many British people seem to 
think that the miiitary insult to 
our national pride, is what mat- 
ters most mid that only noitiitaxy 
recouqueat of toe by 

ora: armed forces can put things 
ri^ht Ae you. suggest, this is a 
snort-sighted a*w j dangerous 
view; Tfie re-conquest of toe 
islands might cost us the preci- 
ous lives of many of our troops; 
it- would put toe islanders and 
tee- large British comnmnaty in. 
Argentina -in . dire peril If we 
fired the first shot the whole 
world would be against us. . 

. Bet if we stand an our legal 
rights in toe UN we may have 
virtually imvereai faacktog. It 
fc toe wiftd Interest of -every 
member state in the UN’ that 
Argentine forces should be 
^eedtiy w ithdrawn from toe 

. islands, ff m urge in tbe eotcu- 

.cfl that no UN member r«m 
rightly maintain nonnal relar 
tions with . a Government which. 


is gusty itf criminal -aggression, 
w may secure the general 
adoption of “diplomatic sano- 
. :tfons” le. toe withdrawal of 
. .toe _A mjbaasadflgte. of all UN 
members:, from Buenos - ASres. 
This w ould exert enormous 
pressu re . on the - jaata and en- 
courage ■ toe Junta’s many 
opponents to press far action to 
restore Argentina’s good name. 

If . this did ‘ not suffice to 
secure toe withdrawal of the 
aggressor’s troops * would-be 
possible, as yon suggest to 
press, in toe council for econo- 
mic sanctions. Economic sanc- 
tions have never yet been tried 
but toe peaceful severance of 
tnrade, financial, postal and 
other relations would again fait 
toe junta very bariL It is along 
s uch lines including, if neces- 
sary, the peaceful co-operative 
action of- UN: navies that our 
policy should be shaped. 

Philip Noel-Baker 
House of Lords, 8WL 


Trafalgar House and 
Redpath Dorman Long 

From Mr R. Orr. 

Sir, — May I, a former genera] i 
manager of Redpath Brown and 
a director of Redpath Damian 
Long until retirement, comment 
on toe announcement (April '3) 
■art toat BDL is to be sold to 
Trafalgar House by British Steel 
Corporation for £10m. 

am p otto a position, to know 
tee, terms of toe sale as to what 
assets such as freeholds, etc, are 
mcluded In what appears to be 
a giveaway price. I do know 
that toe one small part of KDL 
T^t s prestressed concrete floor- 
ing uni* — which is and has been 
for a long time extremely profit- 
able is in Itself worth about half 
toe total sum. "What then is aH 
toe remainder worth? 


Pakistan’s •: 
earnings . 

; • From Mr Q. Attnmtloh 

iSir,— -I am writing to you 
with reference to Bir David 

- D^dwelTa ■: report “Pakistan’s 
\eanibi8E- hurt, by rupee rise," 
. which appeared on March & It 
‘:*ppea?rs that Mr DodweU did 

v not -"have the full facts available 
' to huii, when he painted rather 
A -glohmy -picture of . Pakistan’s 

- balanpe of: payments. The fact 
of toe matter is that Pakistan's 
balance .of payments out turn 
for the fiscal year 1981-82 is 
foH&tter than that of moat of 
the oil -importing developing 
countries ^ptte die Ml in toe 
commodity prices and*, recession 
in the world economy. . 

In ihakingthe statement 
regarding "the prospects of« 
exports for toe current fiscal 
year, ' three important factors 
have been ignored by him; tha t 
Pakistan bad low stocks of cot- 
ton and rice- at toe beginning 
of the yeairas-a result of excel- 
lent export performance of the 
past year,-, the bulk of toe 
exports M. tiieae commodities 
takes .place .faC-tha second half 
of the year as jiew crop is 
available for export in the 
middle of -toe. L yearr and tont 
while export earnings of cotton 
and rice have been less than 
expected due - to -.toe fall in 
. international - prices, -Pakistan 
has-been able to partly cmnpen- ' 
sate for these losses 'through 
promotion of exports- -of other, 
manufactured goods. In toe 
textile group, there is a shift 
towards items having ..greater 
value-added element While 
there „ has .been shortfall . in 
export of cotton yarn, there Iras 


been considerable Bucrease in 
e xport s of cotiou doth, gar- 
ments and textile - made-ups. 


. toe current fiscal year, there has 
- been ah increase of 27 per cent 
fai the export of cotton cfoth. 
Likewise there has been an 

increase of 25 per cent in . the 
export of leather and 36 per 
cent in toe export of fish -and 
fish, --preparations. In many 
other manufactured goods, the 
increase in dollar earnings has 
been .of the order of 10 per cent 
to 20 per cent despite apprecia- 
tion of toe dollar. 

In the context of export earn- 
ings, it has. to . be borne in 
mind that the delinking of the 
Pakistani rupee would show its 
results during toe second 
of toe fiscal year: The new 
exchange Tate, arrangement has 
already started showing results 
and during February alone toe 
Increase in net current inflows 
was about 6100m. Pakistan’s 
liquid foreign exchange 
reserves presently are around 
$850m, much higher than toe 
reserves last year at this point 
of time. If Mr Bod well's pre- 
diction, about Pakistan’s imports 
being around ¥6.4bn was cor- 
rect, by now the entire foreign 
exchange reserves of Pakistan, 
would have exhausted. 

When It Is said* that PaH- i 
stan’s. import bill would rise at < 
the rate of tt ptt cent and : 
would be around gfiStbn, it is- < 
assumed that while ; toe reces- < 
sion would affect Pakistan's 1 
exports, it would not affect its < 
imports. Bulk of Pakistan’s ( 
Imports comprise POL and POL 1 
products, edible 'oil, . fertiliser, j 
steel and steel manufactures, i 
During the current fiscal year 2 


there has .been a negligible 
increase in the POL prices. 
There has also been a steep 
fall in the prices of edible oil 
and steel. As far as fertiliser 
is concerned, Pakistan has 
become self-sufficient in nitith 
genous fertiliser. Consequently, 
fertiliser imports in toe current 
fiscal year have been one-third 
of the imports last' year. 

For the reasons mentioned, 
the revised estimates of Paki- 
stan s imports are $5.85bn. 
Pakistan’s trade gap is, toere- 
fo «. not likely to exceed $3bn 
“ dearly 
established by current level of 
foreign exchange reserves. 

Qazi M, AUmullah, 

Joint Secretary;.. . 

(External Finance), 

Ministry of Finance, 

Islamabad. 


Dividends by 

mail 

From Mr R. Adams - 

Sir, — I wonder fif .there Is any 
eariy prospect nf- peranadfog 
otunpesdes- cmd tortr-^ecEeimves 
or finance dbreatam to cease toe 
somewhat ondesiuud practice of 
.jogjog oc master ^draidenis to 
®S»«^»idere . on TSmawfoys by 

second-class maH. I jjudgte *e 
custom os now qmte widespread: 
it me ans that p ajinyfo W dfet- 
d eed veqtshq to 4 bank is 
ddayed by 48 bonre,, «* irritat- 
ing penalty, for toe sbarebollder 
aid a considerable bonus for' 
toe company. , . 
BobertAdan» 

9 3olt Close, 

Woodside Avenue* 

mo. ■ 


3 fastgely uracjuairtifl- 

r Msets in te Ifagfaly skated 
teefe oacai staff and workforce. 
T»e cornpany has hnmeose good- 
wSH and repifaMfon not oa^y fa 

■ 2f ^ Parts of 

™e world. It Is aadque in many 
respects. 

There are now only tro co^ 

; .games— OercAand Bridge and 
■Efo g J rtr ering tibready owned bv 
TH and RDL who can execu te 
hflghJy oompJex heavy steel 
steKtoDte and biad major steel 
bridges. Why therefore does the 
M onop oMes Oomfansskm not in- 
yestsgate this sale to see a it fe 
m toe pobHc interest? 

p°es] tee Cwmervatire Gov- 
no hanger believe in 
competition? The remarks attri- 
fa tted to Mr Lament about “ a 
tegh far weto me ocnrbSmtioa to 
our jr&vatisatiofi programme" 
arebotii nonsensical and irrele- 
vant in tws aftnation. Here we 
have a nationaUMd industry 
seeing off for a pittance its 
wholly owned sttoshtioy to its 
only competitor. 

JPfcafiy itort about (he people 

mrolved? Following a fimmei- 

ally disastrous five years which 
has toTOiveJ many 
at all .terete the company has 
returned to profitobaSiy in the 
year just ended. It has, I under- 
stand, » good forward order 
book modi of which is for ex- 
port. Why does BSC dboose tois 
time to destooy-fte company? 

E it had titoeady derided to do 
so - then why confirm the new 


CNE SET GF FIGURES 
EVERY PENSION FUND 
SHOULD KNOWABOUT 

. I^s die telephone number of Barclays Investment Management 
Limited, a wholly-owned subsidiary of Barclays Bank Trust Company. 

. We spedalisein providing full investment management services 


million of which ^1,400 million consists of the investment portfolios 
we mana ge on behalf of company pension funds. 

As you would expect from the she of these figures and from 
our Bardays Gioup pedigree, Barclays Investment Management 
Limited possesses the skills and resources needed to manage ymir 
company's pension fiind-and to do it very well- whether yours is still 
amedium-azed company or a multi-national corporatioa 

If you would like to know more, the man tn tplk to is 


Januar y 1, -1882? 

. E ever there has been a. more 
disgrace** and- shabby Ireat- 
ment erf a. eptendid campany I 
am gad tort.. I hare not been 
aware of tt 
R. Gavin Get.. 

9 Mount Pleasant, ••• 

Apsley Guise,. .. . 

Milton Keynes, .Bucks. . 


Mao^gemeat limited, Juxon House, 93 St Paul’s Churchyard, 
LondonEC4M 8EH. 

Ask him about the kind of performance his fund manage have 
achieved over the past five years, the quality and extent rftoeservice 
pension fund clients can expect to receive and the comprehensive 
administrati ve back-up that can be included in the package if requited 
We t hink you’ll be impressed with his answers. 






20 

CoHyasfes and Markets 


Financial Times Thursday April 8 .1982 


UK COMPANY NEWS 


i 

i 

i 

i 

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6 

I 

V 

i 

A 

1 

t 

s 

l 

r 

j 

t 

i 

t 

£ 

r 

a 

c 

v 

t 

V 
£ 
P 
zi 
n 


Phoenix Assurance falls 
to £30m: lifts payout 


PRE-TAX profits Of Ffaoenix 
Assurance declined by 6-5 per 
cent last year from £32-2m to 
£30.1m, when a 23 per cent rise 
in investment income from 
£495m to £61 An just failed to 
cover a 72 per cent increase in 
underwriting losses from £20.6m 
to £35.4m- 

Lower tax charges and 
minority interests softened this 
decline so that net profits barely 
slipped from £165m to £16.6m, 
with the earnings per share 
dropping from 27 5p to 27.4p. 

The group, which celebrates 
its bicentenary this year. Is lift- 
ing its dividend by 13 per cent 
with a final of 9.5p to add to the 
interim of 7.3p. 

General premium income rose 
by 15 per cent last year from 
£375m to £43 2m, while long-term 
premium income advanced by 
nearly 40 per cent from £108.9m 
to £151m. The solvency margin 
at the end of 1981 was 5S per 
cent The underlying rates of in- 
crease in general premium in- 
come and investment income, 
after adjustment for currency 
fluctuations, were 7 per cent and 
17 per cent respectively. 

Premium income on the home 
fire and accident account in the 
TJK rose by only 6 per cent, the 
growth being held back -by the 
premium income of the sub- 
subsidiary Bradford Pennine 
f allin g slightly. Premium 
growth, excluding Bradford Pen- 
nine, was around 12 per cent 

However, underwriting losses 
in the UK were reduced by a 
quarter from £&5m to £4.8m, 
with losses on the motor busi- 
ness being cut from £5m to 
£2m. Competition during the 
year for private motor business 
remained intense. 

The adverse weather in 


HIGHLIGHTS 


Lex looks at the recovery of the stock market yesterday follow- 
ing news of the first soothing words to come out of Argentina since 
the Falkland Islands invasion. The column goes on to examine the 
1981 figures from Jardine, Math es on & Company, which shows 
after-tax ear nin gs up 38 per cent and Hongkong Land Company, 
where the reported growth is 134 per cent However the ex- 
tensive cross shareholders between ' these companies makes 
analysis very murky. Lex also considers the attempts to mend the 
damage at Gill & Safas, where pre-tax profits plunged from £23m 
to £1X8 last year, and discusses the warning of a likely loss at 
the international fine art auction house Sotheby Parke in the 
year to August Lord Westmorland gives the warning along with 
the announcement that he is -to step down after two years as 
Sotheby’s chairman.. 


December cost the group more 
than £lm in bad weather claims 

and left its mark .on the com- 
mercial property and house- 
holders classes. Bad weather in 
the early months of 1982 is 
likely to cost nearly £3m. The 
liability account was in profit 

Underwriting losses in the 
U.S. nearly doubled from £55m 
to £9 .5m, with the operating ratio 
rising from 107.9 per cent to 
110.5 per cent 

Losses in Canada more than 
doubled from £L5xn to £3.9m> 
wifii the substantial rate in- 
creases made last year coming 
too late to materially affect the 
result While little improvement 
in 1982 is expected in the U.S. 
the group feels that prospects 
are brighter In Canada. 

Lasses in Australia amounted 
to £4.3m and the group has now 
merged its business there with 
the Prudential Corporation. New 
Zealand and South Africa both 
made losses after several years 
of good results. 


Northern Europe generally 
suffered from, the bad weather 
in December, particularly Den- 
mark. There was some improve- 
ment in Belgium, but recovery 
in Spain was slow. Underwriting 
profits were made in other 
African territories and in the 
Far East 

The group has announced its 
bonus rates on life business 
following the valuation of the 
funds at the end of 1961. 

On UK business, the rever- 
sionary bonus is maintained at 
£5.75 per cent of file sum 
assured, while an equity bonus 
of 10 per cent of total attach- 
ing bonuses has been declared 
for the third year running. 

The company is continuing its 
policy of catting back terminal 
bonuses in favour of equity 
bonuses. The terminal bonus is 
now £1 per cent of the sum 
assured for each year before 
1957, 

See Lex 


Midland Bank in world’s top 10 


Midland Bank’s acquisition of a 
majority stake in Crocker 
National Corporation has led to 
a substantial growth in the 
group's balance sheet to £4lbn 
and achieved one of its major 
strategic objectives of putting it 
among the world's top 10 banks. 

Midland’s annual report for 
1981 underlines the way the 
Crocker acquisition has trans- 
formed the bank. Foreign 
currency deposits now account 
for 60 per cent of the group's 
£37.75bn deposits and foreign 
currency advances account for 
£1753bn of its £27.6bn .of 
advances. 

Sir David Barren, who retires 
as chairman of the Midland 
Bank at the annual general 


meeting on May 7, rebuts the 
criticism that banks do not lend 
sufficient to Industry, do not 
support small businesses 
enough, and lend generously to 
the personal sector. 

"Within Midland Bask pic, 
advances to industry and com- 
merce account for no less than 
64 per cent of total advances to 
UK residents in sterling and 
currency, with a further 13 per 
cent advanced to the financial 
and agricultural sectors and 23 
per cent to the personal sector,” 
says Sir David. 

The rate of increase in costs 
year on year has shown a wel- 
come deceleration from 3L2 per 
cent in 1980 to 27.6 per cent in 
1981. After excluding the acqui- 


sition of Crocker and Trinkhaus 
und Burkhardt, the underlying 
increase in Midland’s overall 
costs was only 16 per cent 

Sir David -says that "strict 
control continues to be exercised 
over all costs and we are con- 
fident that initiatives to in- 
crease productivity will in due 
course benefit profitability." 

Shareholders will be asked at 
the annual general meeting to 
approve changes in the articles 
of association, including the 
deletion of an existing article 
which entitles directors to 
refuse to register a transfer uf 
shares to a "foreigner.” The 
meeting is scheduled for May 7 
at the group's headquarters in 
Poultry, London EC2. 



SON ALLIANCE 

INSURANCE GROUP 


The audited results for 1981 are as follows: 


premium Income 

General Insurance . — - 

Long-term Insurance — * -.1 

General Insurance Underwriting Result - 

Long-term Insurance Profits - 

Investment Income — - - 

Other Income - - 

PROFIT BEFORE TAXATION 1 - 

Taxation — 

PROFIT AFTER TAXATION - 

Minority Interests - 

PROFIT ATTRIBUTABLE TO SHAREHOLDERS 

DIVIDEND - 

PROFIT RETAINED 

EARNINGS PER SHARE 

DIVIDEND PER SHARE „ — - - 


TERRITORIAL ANALYSIS OF GENERAL INSURANCE RESULTS 


1981 

1980 

£m 

£m 

703JJ 

599.2 

17X3 

.143.3 

8709 

742-5 

' (36.8) 

(18.4) 

6.1 

5.4 

101.1 

8L5 

0.5 

0B 

‘ 70.9 

69-3 

28.7 

27.8 

4 22 

41.5 

0.4 

02 

41.8 

4L2 

2L2 

16-3 

30.6 

24. 9 

84J$p 

83.6p 

43-Op 

33. Op 


1981 


1980 


United Kingdom & Ireland 

Europe 

U.S -A. 

Canada - 

Australia - 

Other Overseas 

Reinsurance - 

Marine 6c Aviation (worldwide) ... 



Under- 


Under- 

Premium 

" writing 

Premium 

writing 

Income 

Result 

Income 

Result 

£m 

£m 

£m 

£m 

342.7 

7.6 

306.9 

08) 

79.6 

(5 A) 

683 

(5.0) 

70.6 

(4.4) 

52.8 

OR 

29.7 

<6A) 

16.2 

<X0> 

34J5 

(1K3) 

25.0 

(6.0) 

49.0 

<6J5) 

37.S 

(05) 

3X9 

<C9> 

39.7 

(2-9) 

6X3 

— 

52J> 

“ 1 

703.6 

(36A) 

5992 

(18-4) 


UNDERWRITING RESULTS - 

General business premium income increased by 17.4%, Excluding the effect of 
changes in exchange rates, the underlying growth was 11.8%. 

After favourable experience for most of the year, the United Kingdom results were 
seriously affected by tire severe weather in December, estimated to have cost £14m; 
despite this, the personal and commercial property accounts r em ain e d in profit There 
was a marked i m prove m ent in the liability account, largely doe to releases from prior 
years* claims reserves, but motor and engineering business continued to show losses. 
The results also bore exceptional costs of reorganising the UJL branches* 

Results in Europe with few exceptions were again poor. 

In the U.S.A., automobile and casualty results deteriorated sharply while in Canada, 
where all major lines were unprofitable, there was a serious worsening in automobile 
experience. 

In Australia, all classes of business contributed to the heavy underwriting loss but 
the Twa-wi deterioration was .again in the workers' compensation account. 

Elsewhere overseas, results were generally unsatisfactory and exceptional lo^s were 
suffered in several territories. 

The increased reinsurance loss reflects tire tfiffieult conditions io the market. The 
1979 Marine and Aviation account closed with a loss but in view of the adequacy of the 
reserves no transfer from Profit and Loss Account has been necessary, 

LONG-TERM INSURANCE 

There was an increased c o n tribu tion from the main life Fond foUowing the valuation 
as at 31st December, 1981, 

INVESTMENTS 

Investment income increased by 24.0%. The underlying growth, after allowing for 
changes in exchange rates, was 1&1%. 

The Group’s solvency margin at the end <of the year was 92% 4 
DIVIDEND ' 

The Directors have resolved to declare at tire Annual General Meetnig-Pp 26th. Ma 3^ 
1982, a total dividend of 43.0p per share in respect of tile year 19SL .An interim dividend 
of I9.5p per share was paid on 5th January, 1982, and the final dividend of 23.5p per share 
will be paid on 5th July next ... .... 

Full Accounts and file Chairman's Statement wtil he posted to shareholders pn 
23rd April, 1982, 

7th April, 1982a 


Benford 
rises and 
pays more 

ON HIGHER turnover of £24.3m, 
compared with 221.52m, Benford 
Concrete Machinery expanded its 
pre-tax profits from £2.31m to 
£3m for the year ended Decem- 
ber 31 1982. 

Stated earnings per lOp share 
improved to 7.59p (5.9Sp) and a 
bigger final dividend of 2.15p 
(1.75p) makes a net total of 
3.025p, against £2.625p. 

Tax for the year took £1.32m 
'(£985,000) leaving an attributable 
profit of £L6Sm (£L65m). . 

Midyear profits' were lower at 
£939.000 (£L53m) but were 20 
per cent above those of the 
second six months of 1930, 

Airspnmg 
earns and 
pays mare 

TIGHTER CONTROL Of 
expenses and a fall in interest 
charges meant Airspnmg Group, 
the bed manufacturer, was able 
to offset an exceptional debit of 
£91517 to achieve an increase in 
-pre-tax. profits from £548565 to 
£620,927 for 1881. 

Barnings per lOp share before 
extraordinary debits of £63,695 
(nil) advanced from 6-3p to S5p 
and after such items they 
amounted to 7.7p. On these the 
final dividend is held at %3p 
for a 4J3p (3.3p) total. 

The company . continued to 
hold its share of the market bat 
as this reduced, turnover 
declined from £14.57m to 
£13.54m. Trading profits, how- 
ever, improved from £692481 to 
£733.024 and with interest 
taking £33,581 (£151,076) and 
share of associates adding 
£13,001 (£7.610) the result 

before exceptional debit showed 
a 30 per cent increase from 
£548.865 to £712,444. 

The exceptional charge covers 
start-up expenses of Ther-a- 
pedic UK, with Mr John Yates, 
chairman, saying production 
started on schedule and he is 
hopeful this company will 
become profitable during the 
current year.' 

The better group results, he 
states, enabled investment of a 
further £420.000 in up-dating 
plant and vehicles. 

Tax took £111510 (£185,749), 
there were minority profits of 
£2.485 (£35) and extraordinary 
debits were in respect of costs 
incurred in closing Airsprung 
(Construction). After these 
deductions, the attributable 
balance poshed ahead . from 
£363,061 to £443.437. 

The company’s shares are 
dealt in on the over-the-counter 
market made by M. -J. H. 
Nightingale and Co. 

Geo. Spencer 
moves deeper 
into the red 

Losses at George Spencer, 
manufacturer of knitwear and 
leisurewear, increased in the 
second half of 1981, leaving the 
full year pre-tax deficit at 
£177,000 against a £1,000 profit 
last time. 

Tills follows a rise in losses 
from £22,000 to £38,000 at half- 
way, when the directors sadd the 
remainder of the year Showed 
promise of an improvement in 
customer demand. 

The final dividend has again 
been omitted so the interim pay- 
ment of O.lp net is left to stand 
against last year’s interim of 
O.Sp. 

Turnover for the 12 months 
amounted to £12.9m (£13.03m). 
tax absorbed £14,000 compared 
with a credit of £88.000 and there 
was a loss of 3.3p (L2p earnings) 
per 25p share. 

An extraordinary debit this 
time of £682.000 arore on losses 
on reorganising manufacturing 
activities in the fabric knitting 
and direct retail business. Pro- 
vision was made for losses in 
1981 and a further deficit is ex- 
pected for the current year. On a 
QCA basis the loss before tax 
was £503,000 (£336,000). 

IN BRIEF 

GA8TON ENGINEERING. — Results for 
1381 ro port ad March 28. Group thwd 
assets €2.51 m (£2. 63m). Currant 
assets ES,21m (C6.66m) and liabilities 
£ 3 -24m (£3. 83m). Negotiations at an 
advanced rage towards merging the 
bolt manufacturing interests with the 
same manufacturing activities at Prest- 
wick Parker. Meeting: Wolverhamp- 
ton. April 28. 

NATIONWIDE LEISURE (property and 
leisure group). — Results for year to 
October 31. 1981. reported March 18. 
Shareholders funds. £T.99m (£1 .37m); 
fixed assets EL23m (E2.01m): assets 
£755.402 (£799,325): current liabilities 
£455.471 (£868.968). including creditors 
£390,623 (£530.875): capital commit- 
ments £225,000 (nil). Meeting: Ca(6 
Royal, W, April 23, at 11.30 am. 



The Lombard 
14 Days Notice | 
Deposit Rate 
Is 



Lombard North Central PL.C. 
17 Bruton St. London W1 A 3DH. 

For details phone 01-409 3434 


THE THING HALL 
USM INDEX 
117.4 (+0.3) 
close of business 7/4/82 
BASE DATE 10/11/80 100 
Tel: 01-638 1591 


LADBROKE INDEX 

Close 559-564 (+9) 


Aurora slumps to £5.24m losses 


LOSSES OF £5.24m before tax 
for 1981 were announced 
yesterday by the special steels, 
engineering and castings group, 
Aurora Holdings. The. losses 
compare with profits of £LS3m 
in the previous year. 

The final dividend, like the 
Interim, has been passed. The 
group paid a single dividend of 
1.55p per share as an interim 
for 1980. ' 

The attributable deficit for 
the year comes oat at £8.71 m 
after a £L08m tax charge 
^arising from the- profitable 
overseas operations)' coupled 
with the costs of closing nine 
subsidiaries and rationalising 
yet further the loss-making 
special steels division. • 

Excluding the effects Of the 
“collapse of the special steels 
industry" as the group described 
It yesterday, on the results and 
the £L2m trading deficit from 
operations dosed or sold, 
Aurora made profits of £7m 
against £858m before interest 
and tax 

Interest charges amounted last 
year to g.23m against ,£6.41m' 
and the “ redaction of the debt 
equity ratio ' is the major 
priority during this year." 

The balance sheet shows 
shareholders’ funds of lust under 
film, down from £2L68m. while 
term loans still stand at £205m. 
finance leases were £3-74m and 
overdrafts had climbed from 
£4.3lm to £6.63m. Redeemable 
preference stock amounts to 
£8.73m. 

Desoite a fall front £13658m 
to £ 113.6m. creditors balances 
were still more than £S3m at the 
year end, although these have 
since been reduced by some £5m. 


Mr Arthur Watt, managing 
director, said that management 
figures for the quarter to March 
showed a g^-tax profit and the 
group expects the improved 
performance to continue. 

After -accounting for extra; 
ordinary costs and provisions 
relating to the closure of six 
sites, Aurora Steers losses in- 
creased from £2Jtat in 19$) to 
£9-9zzt last year. • ■ 

The Government has provided 
about £lm towards the closure 
of the group’s modern, 
300,000 sq ft finishing plant at 
Ecdesfleld. North Sheffield, and 
Aurora is applying for a further 
£500,000 of Government aid to 
reequip the billet production 
facilities at Opensbaw; Man- 
chester. for fully ' integrated 
production. The unit is expected 
to be fully operational in mid- 
year and the group is encouraged 
by the ouitook despite the con- 
tinuing price war. 

It is likely that Aurora will 
announce a major disposal 
■within the next six months in 
an attempt to strengthen the 
balance sheet although the next 
tranche of term loan repayment, 
of £2m, does not faH due until 
the end of the year. 

The group is looking at several 
possibilities, among them the 
profitable Australian and Cana- 
dian manufacturing operations. 
The overall non-UK contribution 
climbed by just over a tenth to 
about £3m before Interest last 
year bat they attract high rates 
of tax 

The payroll has been slashed 
from 7.700 to just under 4,000 in 
the last 18 months and one last 
significant closure is under 
active consideration. 

Mr Watt -expects the coaribina- 


DIVIDENDS ANNOUNCED 


Date 

Of 


Corre- Total 
spending for 
year 
45 


May 28 


July 1 

July l 

May 51 


div. 

2.3 

Nil 

4.7 . 

1.75 

25 

5 

45 

OR 

5.96 

4.07 


- Nil 
12 5 
3.03 
4.5 
7.75t 
.8.4 
1.7 
9.68 
8 


Total 

last 

year 

3.3 
155 
75 - 
2.63 
45 
7.75 

8.4 
.1.5 

8.66 

5.55 


Current 

payment payment 

Airspnmg 23 

Aurora Holdings Nu 

Assoc. Book 9 

Benford Concrete 2.15 

Expanded Metal — 2-5 

Folhcrgill and Harvey ... 

Gill and Dnffns AS 

Huntleigh Group 0.9 

Lead Industries 5.96 

Lee 3-25 

Albert Martin 

Padang Senang Rubber 

Phoenix Assurance 9.5 

Photo-Ke int. 3.15 

Portals 8-75 

Austin Reed 2.4f 

Rnberoid 3.4 

Scottish Cities int 

S ennah Rubb€r§ ;... 40 

Wm. Stndall 6 

George Spencer 

Stewart Wrightsen 9.15 

Sun Al lian ce 23.5 

Tioxide 6. 

Ward White 2 5 

Dividends shown pence per share net except where otherwise staled. 

•Equivalent after ^allowing for scrip issue. t‘On capital 
increased by rights and/br acquisition Issues, t USM stpk. 5 Gross 
throughout. 


Nil 

— 

NU 

ar 

Nil. 

0.9 . 

_ 

1.1 

0.9 

1.1 

9.5 

— 

8.4 

165 

145 

3.15 

May 14 

Xi5 

■■ — 

9.45 

S.75 

July 1 

75 

145 

12.25 

2.46 

— 

2.4 if - 

V-5-S6 

356 

3.4 

May 14 

2.65 

4.7 

3.75 

4 

April 26 

4 

« 

115 

40 

Oct 1 

40 

40 . 

40 

6 

July S 

5.5 

C 

55 

Nil 

— 

NU 

0.1 

05 

9.15 

July 1 

8.15 

« . 

12 

23.5 

July 5 

18 

4$ 

33 

5 

— 

Nil 

la 

.Nil 

25 

June 11' 

25 

'45 ' 

45 


tion of new man a gement and 
export replacement for Rolls- 
Royce orders will lift the George 
Turton, Platts subsidiary out of 
last year's £750,000 loss into a 
significant profit The forgings 
and castings division as a whole 
is expected to be strongly profit- 
able, a s is toe tools business 
wibkb is thought capable of over 


£Lrru 

The fasteners ctrar&utioD, 
traditionally worth between Hm 
and £15m, is exjpectet to be 
maintained. 

Mr Watt pointed out tut the 
special steels division’s external 
sides now account for onh some 
8 per cent of total grouj- turn- 
over. 


LIG boosted by Tioxide recovery 


AIDED BY a recovery in pre-tax 
profits from ST 22m to £L5.3m at 
the 50 per cent owned associate 
Tioxide Group, profits of Lead 
Industries Group showed an im- 
provement from £10 5m to £115m 
for 1981 following a reduction 
£rom£S5m to £L2m at toe in- 
terim stage. 

The trading profit was up from 
£23.4m to £27 5m and included 
'a contribution from associates 
increased from £115m to £15. 7m. 
The directors .state that apart 
from toe Tioxide upturn there 
was tome improvement in toe, 
overseas associates. 

They also state that the trad- 
ing profit of the UK subsidiaries 
for the year was below that of 
I960 but the rate of profitability 
was better t h an daring toe 
second half of I960 and toe 1981 
first half. However, there were 
some Joswnaking operations and 
a further reduction in numbers 
employed had to be effected as 
rationalisation of these areas 
continued. 

Hie directors say that there 
were very difficult trading condi- 
tion s In the U.S. and no sign of 
economic recovery. Despite this 
some of the group companies 
there have improved profits but 
this did not compensate for toe 
impact of high interest rates and 
lack of demand from construc- 
tion and automotive industries. 

Good results overall were 
achieved by toe European sub- 
sidiaries. South Africa produced 


lower profits while India shewed 
a fair increase. 

The directors say that toe 
state of economies of most coun- 
tries does not - yet &ve any 
grounds for immediate optimism 
Some parts of toe UK business 
were adversely affected by the 
January weather end overall 
results from associates show a 
disappointing start 

For the group, in general, even 
at current level of demand, 
some further benefit from cost 
reductions, particularly in the 
U5. is being •• achieved, and 
lower interest rates should help 
towards an improvement 'The 
1961 profit was struck after 
interest of £l6-2m (£l3.1m). 

Group sales were up from. 
£402m . to £429.6m— including 
£1 50.1m (£l25m) proportion of 
associates sales. The ' trading 
profit was struck after additional 
depreciation on current values of 
£4.8m (£5 An). Net profit for 
toe year came out at £L6m 
'(£7. 6m) after heavier tax earn- 
ings amounted to 35p (18.1p) or 
14.9p (30.7p) after depreciation 
on historical values. 

The dividend is maintained at 
9.66p per 50p shore, with a final 
of 5.98p. 

At Tioxide Group sales rose 
from £17S.6m to £200m. After 
tax and minorities the attribut- 
able balance comes out at 
£5.19m (£2.82m). Earnings per 
share were up from 9p to 16.6p. 
The final dividend is 6p making 


lOp — there was no payment in 
1B80. 

The directors say that there 
were significant productivity im- 
provements throughout the 
group particularly in toe UK, 
and these,. combined with better 
margins from more favourable 
exchange rates end some price 
improvements, led to better 
profits. 

• comment 

The sharp improvement at the 
50 per cent owned associate 
Tioxide helped Lead Industries 
hide a rough patch in its own 
operations in 198L The cost of 
surgery and re-organisatlon both 
at home and in the U.S. has been 
accounted for in the extra- 
ordinary items hut the benefits 
are unlikely to really come 
through until toe second half of 
the current year. Unfortunately 
the overseas losses, particularly 
at Tioxide. could not be offset 
against tax, giving rise to the 
enormous tax take this time, it 
is, therefore, necessary to add 
back the additional depreciation, 
which the group has chosen to 
set aside each year, to show that 
the dividend is more than 
covered and cash flow remains 
healthy. Borrowings are only 
slightly up but because a high 
proportion is in U.S. dollars, 
they show a greater increase on 
conversion. It was this exchange 
factor that also helped boost 
interest costs. Providing Tioxide 


can sustain its improvement, the 
group could be well on the *ay 
back to toe record £2Qm pre-ax 
mark next time. Yesterday he 
shares rose 5p to' 17Sp for a yilfl 
of about 8 per cent 

Profits slide 
at Walker 
& Homer 

DESPITE increased market share 
at Walker and Homer Group, 
manufacturer of upholstered 
furniture, margins continue to be 
under severe pressure. P 
profits for toe six moot 
January 31 1982. toowed 
from £42,480 to £23,592. 
turnover more than doubled j 
£3. 36m fo £7 .45m. 

The second half is traditk 
the most difficult part of toe; 
says Mr David Mears, 
and es a result he is not 
optimistic in the short-term, 
ticolarly while toe restrie 
economic situation continues.* 

In toe last full year prtA 
profits of £29.457 were made 
turnover of £611m. 

Bandogs per 5p share this til 
fell from 053p to 0.18p. 
last dividend paid was a 
of 0.4&p in 1978. 

Lifestyle contributed £134,! 
to toe ®x months profit 



Points from Mr. P. R- Dugdale’s Statement to Shareholders. 


Tie detenotadoa in trading conditions from 
late 1979 is now dearfy; ia evidence, the 1979 rmder- 

sDecemberlastwidi 


witting accotmts|go\tideacJeann<iic^cmrtodifficnfe 
tracing conditions remained, with, us throughout totii 
these years anti to date it would appear that one can. 
eqjectlittieimjproTementin 1982. 

Results and Dividends 

To tlieprofiton.tiiel979 Underwriting Account 
of 1966,852 must be added investment income of 
&864J24. After allocating £33,047 to the UK. 
Employee Share Scheme and charging taxation of 


Hieieconmiendfidfinal, dividendot4^5Qj?ence 
per share together with the intenm dividend ot 2365 
pence represents an increase on the previous year of 9%. 

General 

For all practical purposes, 1981 may be regarded 
as a year of recession, the repercussions of which on our 
own experience were only too apparent On the income 

side, insured turnovers on and premium receipts from 

our existing portfolio of policies suffered severely from 
the depressed levels of business transacted by many of 
omrlmureds, reflecting the dedineinproductionaiid the 
highxate of de-stocking byjna^ 

tors alike. 

. • At , the same however; the business con*- 

tefnnity’s awareness c£ these conditions meant that our 
intensified marketing efforts were amply rewarded, 
with projected new onaness preminms jtanprgfeoni 


the 1980 record of about ^3.8 million, to nearly £49 
million last year. * ' - 

The recession was also notable for prodndngi 
in 3981, the highest ^ number of business feihaes ever 
ierord^inthiscomtiy,aj&ct^iatwasaJsofi3llyieflected 
in OUr figures. Hie bri yiney a^ that failed. rmg t»d firyny, 
smflhfimiStoPi^QrpublincnTTi pariie g aiidj-mljiftlatftpg* 
context; I would draw your attention to thefurther 
batch of household names that have already made the 
failure headlines in 1982. 

Prospects 

So far in 3982, evidence of a recovery has been 
l a cking both, in the national figures and in our own 
experience. Has does not; however; prevent -onr 
appreciating certain broader encouraging trends on an 
otherwise dismal industrial scene: Eroauctivityhas risen 
significantly- up lOperomtinayeanEsporeyoIsmes: 
have been wdT maintained. Inflation is beginruner to 
recede. Above all, new businesses arebeingi 
re m a rkab le iate-more in 1981 than in 1980. 

Enterprise is plainly not dead and is 

encouraged further by the deliberate fiscal policies 
the Government: 

• Beating in mind the substantial additions we 
have made to o or portfolio of policies mfeceniryeaasand 
tbesustained impact of onrinarketing effort, economic' 
recover^whenit comes, canonly have abenefidal^sct 
on our figures. 

:»«. 3980: 

£29.66m £2633 m 
~\9ta, j£2.6Qm 
.04x21 


R^tnininsAJKcitten 
Profit after lax 
Shareholders 5 Funds 





GopK(£tiieRepaitaiidAaxmiibfor19ffiaiczT33abhfiomTbcScactacy 1 TaikItdciiiiikvHbas(& 
32-34 GreiLEastcm Street, LandaiiEC2A3 AX. 



Underwritas of credit msnmnr^ sinne 1Q1« * 
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^. j’r.'^aDCial Times Thursday April 8 1982 

CoBpaBies asd Markets < UK COMPANY NEWS 


Rise for 
Austin 


Gill & Duffus down by 
£10.3m— dividend held 


A. Martin 
cuts its 
losses 


BKFQRB. TAKING account of 
extraordinary - items, ' profits 
■before tax of Austin Reed. Group 
rose from £L7$m to £2.03m in the 
year ended January 31 1882. The 
dividend is held at 3.36p net, with 
an unchanged final of 2.46p. 

Turnover for the year rose 
from £42.6in to £44ifLm, of which 


INTERNATIONAL COMMODITY - 
broker tail and Duffus Group 
reports a drop In pre-tax profits 
from £23.06m to £12.Sm for 3981, 
which is in line with the second 
revised forecast made in 
February. . - 

The groop was hit by “sub- 
stantial unauthorised trading ” in 


listened. An executive from 
Pacol (one of the principal sub- 
sidiaries in Loudon) has been 
sent out to Hong Kong and is how 
in charge of the subsidiary 1 there. 

Mr Pearson says that the 
group's venture through (AH and 
Duffus Securities, into the TJ.S. 
money markets, which* 


trading companies have excellent 
prospects once the world moves 
out of recession and the broking 
business on the International 
Petroleum Exchange, which 
began in London in April 1981, 
has made a good start The 
metals business has not produced 
satisfactory results and this area' 


£29.32m (£28.94®) represented- the Hong Kong subsidiary, which a *- the end of 1980, ^proved to will be strengthened. 

7-TTT- ' . 7r. . . , ha a i4isul»n T._ trading in the TT mr 


to UK retail 
After tax £817,000 


extraordinary debits £364,000 
(credit . £779,000), and the 
preference dividend £19.000 
(£20,000), there was £830,000 
1 (£2 .27m) attributable te-ordtoary 
shareholders.Earmngs are shown 
at 4.7p (13p). The CCA profit 
before- tax was £L96m (£L17m). 

The estzaorcQnary debit lakes 
in the east of staff reorganisation 
and • redaction schemes, net 
.closure costs of three UK shops, 
and the write off which resulted 
from the disposal of the' Swedish 
stores in January. 


customers, -resulted in losses of just over 
(£244,000), -£7m. Losses of £L8m were also 


comment 


On a 52 -week basis, Ausflxt Reed 
has managed 18 per cent 
increase in, stated pre-tax 
..' profits. However, if .last- year's 
£779,000 surplus on .property 
transactions . had not now been 
. shitted' below the line, the 
figures would be showing a pre- 
tax decrease -of about 18 per 
cent But there is no disputing 
the recovery from a poor first 
half, aided _ by a successful 
Christmas sales period. Overseas, 
losses in the. region of £200.000 
from the- now closed. Swedish 
' stores, were ; a., more .significant 
factor than any gains from 
• currency . .conversion/ Austin 
-Reed's customer credit busines, 
.'involving, about £9m. makes the 
company very sensitive tb 
interest rates, but it Is unlikely 
that the interest charge was 
much changed from the previous 
year's £1.35 m. The two growth 
areas, seem to be ladies depart- 
ments, which have been opening 
up on existing site* and royalty 
income, which coaid have added 
as much as £3)0.000 to 1980-81’s - 
£277,000. A volume, increase in 
menswear sales was attained, 
necessary against a background 
of-- 'Static prices.-. Yesterday the 
. share prise rose -8p to a 3982 
high of 80p, yielding. 6J2 per. 
cent 


incurred in a U.S. money markets 
venture. 

The group’s original forecast 
last October was for lower profits 
. of £20m. In the same -month it 
was revised to £L6m following the 
discovery of the Hong Kong 
-losses and subsequently revised 
further to between £L2m and 
£L3-5m In February, when the 
extent of these and the U.S. 
losses became apparent 

As hz cheated, the dividend Is 
being held at 8.4p net per 25p 
share, with a final of ASp. 

- Mr D. G» Pearson, chairman, 
com m e n ts that 1981 was ** not just 
x bad year ... it was a year when, 
a number of problems emerged.’' 

. Referring to the Hong Kong 
losses he says that the three 
people responsible have been dis- 
missed and management and 
finan c ial -.controls have been 


he a disaster.” Its losses, includ- 
ing closure costs, have in been 
charged to the 1981 profit and 
loss account The chairman says 
that the company was staffed by 
a small team who were, entirely 
new to the group, having been 
requited from outside. The 
operation has now been com- 
pletely Closed. 

Also in the U.5. GUI and 
Duffus Chemicals had a bad year 
due to an attempt to build up a 
large turnover in difficult trad- 
ing conditions. At Uslcafe, the 
Brazilian coffee exporting com- 
pany, losses towards the end of 
the year reduced profits made 
earlier. 

Mr Pearson says that the 
group's basic businesses . "are 
very soundly based with 
excellent records.” Both Pacol 
and Gill and Duffus Incorporated 
produced better results than last 
year. 

He says that the chemical 


.. _ . . . Sugar 

trading in the UR. and. Europe- 

has been expanded. 

The chairman says that trad- 
ing in the current year in most 
of the group’s markets continues 
to be quiet The group is con- 
centrating on developing its 
newer businesses and ou improv- 
ing management control “We 
have a very strong balance sheet 
and, when activity does pick up, 
-we shall be well placed to 
develop the whole of the group’s 
business.” 

Group turnover in 1981 in- 
creased from £629m to £889m- 
The profit balance attributable to 
ordinary shareholders comes 
through at £6-83m (£2 1.26m) — 
equal to 10.4p (23.2p) per share 
before tax credit. 

Group fixed assets at the year 
end stood at £17J9m f£llfi9m) 
and net current assets were 
£ 61 . 75m (£fBLS2m). Net 
per share were 128p ( 126 p). 

See Lex 


Ruberoid leaps 48% to £3.4m 


SECOND HALF taxable profits 
earned by -Ruberoid of £&33m, 
compared with £L46m, brought 
the figure for 1981 to £3A6m — a 
rise of 48 per cent over the pre- 
vious year’s £227m. Turnover for 
the 12 months was 17 per cent 
higher at £»2.76m . against 


Photo-Me 
shrinks at 


. With an advance in stated 
- earnings per 2Sp share from 
H55p to 16.7p after tax payable 
and deferred, the year’s dividend 
is being raised by 25 per cent to 
4.7p (3L75p) by a fin»l of 3Ap 
(2.65p>. ... 

" Mr Thomas Kenny, chairman, 
says the profits have exceeded 
the- directors’ best expectations, 
and were made in the face of 
very bad trading conditions. 

The group's most profitable 
activity, the buildings materials 
division, increased sales by 7 per 
cent to £27 because of raw 
material cost rises and the 
introduction of new products. Mr 
Kenny says he hopes the world 
fall in oil prices will lead to a 
reduction in the price, of 
bitumen, which is one of the 
principal ingredients of building 
materials. 

~ More than £750,000 was spent 
on .improving production, and 


the American market. Byload is 
jointly owned by Ruberoid and 
Thomas Ness, a National .Coal 
Board subsidiary. 

The contracting division, which 
is mainly concerned with roofing 
and cladding, showed a marked 
improvement in completed con- 
tracts and profits, Mr Kenny says. 
The paper division turned' round 
from losses of £466,000 to profits 
of £165,000— e remarkable turn- 
round in a market where com- 
petition is intense, be adds. 
£350,000 was spent on paper 
plant improvement. 

Although the plastic products 
division had almost unchanged 
sales of £2Jm, losses were 
incurred, while the glass and 
synthetic tissues activities re- 
duced losses from £200,000 to 
£55,000. Not much will happen in 
this latter sector until national 
conditions improve, Mr Kenny 
says. 

Catalin, which produces and 
sells impregnated papers, syn- 
thetic veneers, liquid resins and 
foundry chemicals, and was 
acquired for £L.3m cash, has been 
operating at a loss in recent 
years, but when Ruberoid's 
rationalisation programme has 


dated profits of £291,000 
(£290,000). Tax took £159m 
(£L07m) and after dividends of 
£536,000 (£389,000) the retained 
balance emerged at £L23m 
(£809,000). 

Current cost adjustments 
reduced - the pre-tax profits to 
£2fi5m- (£L33m). 


DE8PTnS A - terser volume- of •warehouse' facilities for bqildjng .been completed Its. resttitswill 


business, the, effect of inflation on products. , ... 

Costs^ coupled with the. contained Exports of these products have 
selling -‘prices,, hais resulted -in .continued to Improve. The.dlfeo- 
only A -modest improvement in' tors think it r best to service the 


- tradm§:profits at Photo-Me Inter- 

• nattoittl - in' the six months to 

• .October’ 31 19811 But higher 
depreciation of £L09zn- against 

: £765jQ00 resulted in the pretax 
■ figure- falling behind at -£lJK*m 
*- compared with £l-4Sm. • 

'Dramver of this group, which 
manufactures, operates and sells 
automatic coin-operated photo- 
graphic. vending machines, rose 
£rum £13J2Sro to flBLOlm. There 

- was a tax charge of £685,000 
(£734,000). Stated earnings per 

'50p share fell from 25.05p to 
•22,S3p,<- awl the - 1 net. Interim 
dividend is maintained at 3-15p 
—last yfiar's total was 9.45p. 

Altimugh net ‘group -trading 
profit for the half-year has been 


D.S. by local manufacture and 
consequently Hyload Inc was 
established, since the year end 
to ensure greater penetration of 


startle improve. The cash outlay 
to buy this company was covered 
by the sale of shares to the 
National Coal Board Pension 
Fund. 

Taxable profits included 
interest receivable less payable 
of £100,000 (£ 26 , 000 ) and asso- 


• comment 

For a company operating in the 
supposedly dull construction 
sector, Rnberoid has turned in an 
impressive set of figures and the 
shares jumped 9p to 126p. The 
explanation is three-fold. First; 
the company continues to reap 
the benefits of the rationalisation 
programme that has taken place 
over the past three years er go. 
Secondly, market gains have been 
achieved by skilfully extending 
certain product ranges— a move 
that has particularly paid off in 
the former loss-making paper 
division. The third reason has 
nothing to do with management 
skills; through an accident of 
time there has been an abnorm- 
ally high level of completions in 
the important roofing and dad- 
ding activities. Although this will 
not help the current year’s 
revenues, the company’s optimism 
seems fully justified and at least 
£4m pre-tax looks cm the cards 
In 1982. At this level the prospec- 
tive fully-taxed p/e is around 8 
with a yield of 5.5 per cent. Given 
the company’s fine track record 
in recent years the shares look 
cheap. . 


Stewart Wrightson advances 


IMPROVED “pre-tax profits were 
shown by Stewart Wrightson 
Holdings, insurance shipping and 
air broker, from £7 .3 to. to 
£9 .22m for the year 198L Second 
half results^ were up by £lA2m 
to S&Mm. 


The-resrrils reflect the change 
in ifce status of Nssco Kaxaogten 
Group . . from subsidiary to 


depressed by these factors, it is associate, say the directors. The 

-Atm rM f nr ttiP. TmrHvriihr TYrtpradK in *5 _ 


expected "that 'figures for the 
foil year will not be si gnifica ntly 
different from • that' of the 
previous year whan pre-tax profits 
were £2,16m (£239 m) from turn- 
over. of £27.44m (£25J89m). - 


minority tateresas in Associated 
International Insurance Com- 
pony, _Los Angeles, and 
Associated International Insur- 
ance (Bermuda) have also been 
acquired. 


There was continued downward 
pressure on premium rates in 
1981 as insurers competed 
aggressively for business, say the 
directors. However, the 9 mm 
has had success in Obtaining new 
bustoess and brokerage Income 
in constant c u rrency terms ruse 
by 8 per cent 

Th& was enhanced) far staffing, 
terms as a resedt of the weakness- 
of Sterling, say the directors. 

exchange rates remained 
constant since «he end of 1980, 
insurance broking profits wooW. 
have been about £L3m lower. 

The dividend is being raised 



tons 



BODD1NGTONS BREWERIES P.LC 



■Summaiy of Results: Year to 31st December, 19B1 

1981 . 

I960 


(FOOD) 

rc m 

Turnover 

29,333 

24,710 

Profit before taix 

6,248 

; 5349 

Profit after tax 

3J805 

2J867 

Dividend payment per share 

35p 

* 3j0p 


Points made by the Chairman, Mr Ewart Bodcfingtcffir- . . 


e TS^ 7% and pidittiBforBlaxfeaEase^ 1&8%- v'v 
i .The company has continued to gain market share. • • 

1 inve^nertf wasmaintaifiedsta hfeh level with the bulk of the gdngintoiiew 

pubs andrepairs and iiriprovemervts to ©asnng houses; 


i Hie acqifeition of Oldham Brewery P.LC. rneansasignrficant inwase in ourlied and 
free ttaae outlets and fits ourtrading pattemandpdiaasvery wel 


■ vyhitetth^ recrasion ' 


Anm 


Copes rfflieAmual^eport may bebbttfnad 
The Company Secreagy; POBoe 331 ,StiBngwva)p Brsws*){ 
MANCHETBT M6G . 




Strangeways Brewery Manchester 


.Uoddinuion.- 


Ip to 13p net by a final of 9.15p. 
Earnings per 20p share improved 
from 18p to 23.92p. 

Turnover moved ahead from 
£74^1m tn £75.11m. 

Pre-tax profits were struck 
after higher interest charges of 
£2.1m (£L63m) and included 
associafted profits of £409.000 
(£115,000). Interest asd invest- 
ment income amounted to 
£8. 91m against £5. 78m. 

• comment 

Stewart Wrightson has beat 
market expectations with a 25 
per cent profit surge in 1981 and 
is the ‘third UK insurance broker 
to repent pleasing figures in 
recent .weeks. As might be 
expected, the gain, is thanks to 
investment Income' advances and 
currency gains as opposed to any 
improvement in brokerage 
margins. Trading profit in fact 
dropped by a third, largely due 
to a small loss in the under- 
writing activities -of the group’s 
insurance companies. This is 
expected to be put right in 1982. 
The group has been working bard 
on whittling down its expense 
ratio. Its rate of increase in 
expenses fell from 12 per cent in 
the first half of 1981 to 6 per cent 
in the second half. The loss in 
riiip operating should be reduced 
in 1982 as the major bjgirs have 
now been plugged. Despite the 
shares’ 20 p gain yesterday to 
220p, the improved dividend 
gives a 8 l 8 per cent yield which 
is well above the sector average 
The. historic p/e of around 10 
does not seem demanding: 


Yearlings 
total £6.2m 


Yearling bonds' 'totalling 
£6J35m at 14 per cent redeem- 
able on April 13, 1983 have been 
issued this week by tbe follow- 
ing local .authorities. 

Aylesbury Vale DC £tm; Bury 
(Metropolitan Borough of) 
£025m; Shepway DC £D.5m; 
Cleveland- CC £0.5m; Glamorgan 
<Vale of) BC £DJ5m; Llanelli 
(Borough ;of) ^025m; Preseli 
DC £0.25m; .Rochdale Metro- 
politan BC £025ra; Northavon 
DC £025tn; North Warwickshire' 
BC £0-5m; South ■ Northampton- 
shire DC.fO.7Em; Cardiff (City 
of) £©.75m; Newport BC SOJSm. ' 


Spain 


April 7 
Banco GWbao 
Banco. Ctnpal 
Banco EMBfjbr .... 
Banco - Hwpano 
Banco Ind. Cat ... 
Banco SaruftMta- 

Bamco UrquiJo. 

Banco Viacayi 
Banco Zhhou .. 
Dragados 

Espanola 2iitc «... 

F«»s 

Gal, Pmciadoa 
Hldrola 

Ibsrdfiero 

Patnttoot — 
PotrofibBr 

Sogeftso ' !«.. 

Telefonica 

Union Beet 


Price • 

% +ior 
360 
34® 

305 ’+3 
318 ' 

110 
343 
206 


248 

182 


BUS -0.5 


84 +0.3 
SB +05 
92 -1^ 


9 

es -1 
83.7- +0.7 


A REDUCTION from £858.000 to 
£282,000 in its pre-tax losses are 
reported by Albert Martin Hold- 
ings, the Nottingham clothing 
manufacturer, for 19SL Turn- 
over slightly higher at £2&56m 
against £28.09m. No final divi- 
dend is being paid, leaving the 
total at 0.1p. No dividends were 
paid for 1980. At halfway the 
losses were down from £425/100 
to £229,000. 

Tbe directors 'say the restruc- 
turing programme was com- 
pleted during the second half 
and the- non-recurring costs 
amounted to £353/127 (£194/100) 
which are shown as extra- 
ordinary debits. These comprised 
redundancy costs, and stock and 
fixed asset losses arising from 
the restructuring. 

They say that despite the 
severe problems of the last two 
years, borrowings have been 
kept within acceptable limits, 
and at December 31, 1981 these 
amounted to £4 .36m, of which 
£3m was in the form of a seven 
year medium-term- loan. 

The early months of 1982 have 
seen an encouraging start to tbe 
year, they say, though only 
marginal improvements in trad- 
ing conditions. The board con- 
siders that a more satisfactory 
course has now been set for the 
future, and unless there is any 
significant reduction in the 
present level of consumer 
demand at home and abroad, it 
expects the group to continue its 
recovery and to achieve profit 
for the -current year. 

The pretax figure was struck 
after net finance charges of 
£906,000 (£889.000). After tax of 
£86,000 (£ 102 , 000 ), the attribut- 
able loss was £786,000 (£L21m). 
which Includes the extraordinary 
debits and minorities. There was 
a loss per 20p share of 6.73p 
(15.79p) before extraordinary 
items. 


£1.4m from 


Huntleigh 

Group 


SECOND HALF profits of Hnnt- 
leigh Group have risen from 
£630.000 to £906,000. This gives 
a total of £L.41m for the year 
1981, against £Ll5uv. The divi- 
dend moves up to 1.7p with a 
final of 0.9p — in 1980 the com- 
pany paid a total of L5p. 

The directors state that the 
order position is good in most 
of tire companies. They intend 
to be in a position to exploit 
fully the market opportunities 
for the group’s diverse- range of 
products (the group is involved 
in the engineering and elec- 
tronics Industries) and look for- 
ward with confidence to 1982. 

Turnover showed a slight 
reduction from £15. 32m to 
£14.7 lm. The profit was struck 
after Interest of £386.000 
(£345,000) and associates’ losses 
this time of £76,000. Tax takes 
£161,000 (credit £248,000) to 
leave the net profit at £1.25m 
(£1.4m), and earnings are shown 
at 8.7p (I0.8p) per share. 

There are extraordinary 
Charges of £263.000 (£120,000) 



PHOENIX 


ASSURANCE pic 


PRELIMINARY RESULTS FOR 1981 


The unaudited profit before taxation of £30.1 million for the year ended 31 st December 1381 
compares with £3Z2 million for 1 980. Die profit aftertax and minorities is fM 6.6 million (1 980 
£1 SB m3 Bon). General business premium growth was 1 5% (7% after adjustment for currency 
fluctuations), investment iiKonw has increased by 23% (1 796 afteradjustment). 


PREMIUM INCOME 

General 

Lung-tana 


PROFIT AND LOSS ACCOUNT 
Investment income 
Underwriting results : 

General ..................... 

Long-tann 


Less uxpenses not charged to atimr accounts 

Profit before taxation * 

Less:Taxatkm 

Minority interests 

Net profit 

Less: Dividends 

Net p r ofit retained ........................ 

Earnings per share 


1981 

1980 

£m 

£m 

432J2 

375J2 

151.0 

108.9 

58^2 

484,1 

61 J3 

49B 

-3SA 

—2 DJB 

&2 

4J5 

31.1 

33.7 

1.0 


30.1 

"32.2 

103 

12.1 

2.6 

33 

16.6 

16.8 

10J! 

9D 

6.4 

73 

27.4p 

27-8p 


US dollar transactions have been converted at a rate of $131 compared with $2.39 for the year 
1980L At 31st December 1981 group net assets amounted to 58% (1980 65%) of general premium 
income, after a -transfer of £3.0 million (net of tax and minorities) from retained profits and 
reserves, reflecting transfers made by an overseas subsidiary company from a special reserve to 
strengthen its insurance funds. 


DIVIDEND 

ThedirecttHsracomniBndafinal dhridandpf 9.5p (1980 8L4p) per share st a cost of £5.8 million 
(1980 £5L1 mil Don) to be paid onlst July 1 982 to members on the register at the close of business 
on 4th June. With the interim dividend of 7^p already paid this represents a 13% incmasa over 
thedSvjdendsdacIaredforl 980. 


UNDERWRITING 

The distribution oftho general business is as follows : 



Premiums written 

Underwriting balance 


1961 

1980 

1981 

1980 


£m 

£m 

fro 

£m 

United Kingdom and Ireland: 





Home fire and accident. . 

15&2 

147.0 


—05 

Reinsurance subsidiary. . 

20.8 

15.7 

—1.6 

—0B 

Marina — UK companies 

22J£ 

18.5 

—2.6 

—3.0 

Aviation— UK companies 

4 J9 

3.S . 

0.1 

0.4 


204.7 

184.8 

—8.9 

—SB 

Europe.. 

68.1 

680 

-5.0 

—2.1 

United States .............. 

80.5 

62.8 

—9.5 

— 5B 

Canada 

25.5 

17.5 

—3 3 

—1.5 

Elsewhere overseas ........ 

53A 

421 

—8.1 

— 


432^ 

375^ 

— 35A 

— 20.6 


' In the United Kingdom fire and accident account the weather left its mark on the results for the 
fourth quarter, with foe commercial property and householders classes most severely affected. 
Forthe year as a whole, competition for private car business was Intenso but foe underwriting 
result; whilst in deficit, shows a good improvement an the previous year. The liability account was 
In profit 

The United States results have suffered from the effects of both inflation and excessive competi- 
tion with a further increase in the underwriting loss. The operating ratio was 11 0,5 compared with 
1 07.9 in 1980. Little improvement is expected in 1 982. 

Canada too has deteriorated. Substantial and much needed rating Increases have now been 
implemented but came too (atB in the year to affect the 1981 result significantly. Prospects far 
1 982 sre, however, somewhat brighter. 

In the other overseas territories, Australia accounts for an underwriting loss of £4.3 million 
reflecting continuing difficult trading conditions. Both New Zealand and South Africa also made 
underwriting losses after several years of good results. Underwriting profits have been made in 
other African territories and the far East. 

Northern Europe, generally, suffered foe effects of bad weather in the final quarter, particularly 
Denmark. There has. been some improvement in Belgium; in Spain/ due to inflation, recovery to 
more acceptable results is slow. 

The life dep artm e n t has had another good year although group life and pensions business which 
is dependent on the general economic climate has been depressed. Shareholders' long-term 
insurance profits have increased from £4.5 million to £5.2 million. 

ANNUAL GENERAL MEETING 

The annual general meeting will be held on Tuesday 25th May 1 982 at 1 2 noon atfoe Barbican 
Centre for Arts and Conferences, London. The report to shareholders for the 200th year will be 
Issued on 30th ApriL 


7th April 1982 


Britannic Assurance 

PUBLIC UMITED COMPANY 


INCREASED BONUSES FOR POLICYHOLDERS 
15.8% INCREASE IN DIVIDEND FOR STOCKHOLDERS 


Statement issued by the ctodrmon, Mr. R. 7. G. WUSams ; on the report of the (Erectors 
and accounts fa- the year ended 31st December, 1981 . 


LIFE BUSINESS 

Dnriagfoeyea£ foe fife foods increased by £55 mUfion to £549 mEon. 
Tbtal sums assured and bonuses for poGcics in farce now amount to £1,1 67 
ynflBnw in fhg m rfrrefytal hrandh and B8 QI wiilKrm in nr rttrwr y hranelt. 
Payments to poHcybokfeis daring the year by way of death and maturity 
cbirm amomued ta £7.6 milllan and £29. 8 milli on respectively. 

Pi wnTmn inrHim iBlto^nitml]iiiiI b ranc h increased by 7J5PBT CCCt. to 
£HL9 rnflEou, compared with the increase of over 1 8 per cent, achieved last 
yeac Tbe expense ratio mrins branch increased from 41.1 percent, to 
42J per cent. 

InthfeOr tfioa r y brancb,gtep i -e uu ti m mcomemcreased by 11 .6 percent, 
to £213 miHton congxaied-vrilhan increase of over 17 per coot, in 19S0.The 
expense ratio remained the same at 2S .9 per cent - - 

• In bofo br ea c he s otnTate of pruEi C iffl wa s ih tig lower than in ibepreviens 
yean TBifor because near b nrinaw twamftre riifnwilf tnrmTiwhy anri partly 
bccansethc already high level of surrenders increased even further. In the 
industrial branch, the reduction in the rate of life assurance premium relief 

fitrn 3 7^6 per cenL to 15 per rent, also had its effect 

Whil^l'icerianifyrSsapprmtingth^wp.h^vfnCTthrCTHhVtnT TrtTntam 

the inomaitmn of recent yem. It is not altogether satpaaqg. Although! 
wrotehgtyearfoatbcxaeaieirvfccasairai io c can cope pr et tyweflwitliperTqds 
of depression, it Is by bo means imamse from their effects; many of our 
pOEcyiwIdersairgofagtlnoughdifficsIttimc^ 

Despite foe diffiaaies,ib; is pleasing to record fhat^ wchinjeagambeea 
able .to increase the scabs of bonuses. In the industrial branch, foe 
rewraoBfiiy bonus has been increased from £4 per ceot*lo£4.10per cent, of 
foesumassaied.lDtlttoidmaxybraDdiitgoesupfi'omiS.lOpercenLofthe 
sum assured to £5.25 percent, Wjfojxofic retirement annuity and pension 
. con ta cts wifi receive £&2S per cent of the annuity compared, with £6 par 
' anLTaininat bonuses liavealsobceiiiiKieased in each branch, particularly 
at tfti: l onger chgatioas. 

It is wrath remarking that in the ordntaiy branch new annnnilies 
S ncnagd &am f86^< XX)inl^0to£3^S3^00.Pregihimscmtbesecoatracls 
Hntmnfedforaeariy lOper cent. Otf total TW imrirtxl pmrmpnsfn thfc 


investment bonds onfst' Wfeare notexpectiug this mv company to contribute 
to profits inthe early years, but v.'e believe that its fonnation will be in the 
longer term interest of members. 

These new contracts will be marketed akmgufe our traditional bnsincss 
through our field staff and wc hope that this extra facility wiD provide a 
valuable source of additional business. 


GENERAL BUSINESS 

Profit before taxation was £867,000 compared with £607,000 in WSD, 
The underwriting loss was £762,000 compared with £861 ,00 0 last year. This 
modest improvement stems from better results in the motor and liability 
accounts. The property account, however, still causes us concern, and was 
certainly not helped by the severe weather experienced at theendoftheycac, 
Vic suffered an underwriting loss of £901,000 in tins account (last year 
£747,000), and I am afraid that foe 1982 results wfll bcaffectcd by foe cvea 
worse weather during January. 

main lain a daims equalisation reserve toproviclc a bufTcragainst Iht 
posaTii lity of excepiioaally hi ch claims eNpcrioJCcmaiiypartiailaryear.airi 
haveadded £250,000 to it. After allowing for this addition and for taxation, 
foe transfer to the profit and loss account is £362,000 compared with 
£472JXX) last year. 


eqanson -hk tins important ana of the ££e jw s mnnce mgAet is very 


UNIT LINKED ASSURANCE 

Wc have derided that onr existing range of life assurance and savings 
crarfractsshooldbeerteaded by the transaction of writ linked Gfeassnrance 


INVESTMENTS 

The most obvious effect of the recession in tbe United Kingdom (moor 
investm ents during 1981 was the reduction in dividends. On a strictly 
com parable basis, that is to say, comparing investments wc have held forthe 
whole of 19S0 and 198 1. our income from ordinary shares was4.fi percent. 
Iowerthanin 1980. Whilst this was better than anticipated alone lime during ■ ' 
the year it is, nevertheless, a disappointment following the steady increase 
over the past decade. ’ 

Jnrestmettt income from all formas was up by 7JS percent, in foe life 
ftodsm£61.7miinonandhy8^pa:ca\Lto£l^miUionm-thc£cncralfuiHl - 
and' profit and Joss account, reflecting the heavy awestment in British 
Gover nm ent securities over the past two years. 

During 19S1 £24.7 million wasinvested in British Govemmentseatrities, 
3.7m3Eom£a other fired interest securities and ErtAmmion in 
Shares. £11^ nnlEcm was invested in ihepurdmse oF eleven properties and 
tire refarfaishmqit of two others, in line with the imrawdi atfwr^nr, 
pre^ertyofwltifolwrotelastyeac. 


wealso bebevc that than isagrtnring denjand for contracts from those who 
ffnrt »b«» wwt tnifnirit ^ >pn ftiw4i aHr acfiWj TnvesfBVMt 

risks. 

Tb tlm e nd r avfoollyowmriigihaffi9ryTi 6. ; Bscw n < n»‘ 1 ‘ f ' t n p : ni y > '9 r ^ aTn fe 
Uref.T Joked Assgrancftl.Tmited, basbeenfonnedvoth a capital of £600,000 
provided flrom stocldiakkis* funds. It i g our i n t att iog to c ommen ce 


PROFIT AND LOSS ACCOUNT 

Transfers from the long term business revenue account were£3^MO,000 
.com pared vri th £2.730,000 In foe previous yean £350,000 of foe smeral 


mbumm ,T lusfitutiai Uiuiucn aEUKing Jt 

u p to £1^S 38 ,0QQ. After paying dividends on the pre faw ny stock and a 
aujs^ttd^bKreased dividend on the ordinary stock foe balance carried 


in 1980. 


K 


1 





22 


UK ECONOMIC INDICATORS 

-ECONOMIC activity — I ndices -of -industrial -produetwn;--mami- - 
factoring output (1975=100); en gin eering orders (1975=100); 
retail sales volume (1973=100), retail sales value (1978=100); 
registered unemployment (excluding school leavers), and 
unfil l ed vacancies (000s). All seasonally, adjusted. 



Intil. 

Mfg. 

Eng. 

Retail 

Retail 

Unetn- 

Vacs. 

1981 

1st qtr. 

prod. 

output 

order 

voi. 

value* 

ployed 

99.5 

88.7 

98 

106.6 

130.8 

2,282 

100 

2ndqtr. 

99j0 

88.9 

92 

104.7 

1MJ 

2,482 

89 

3rd qtr. 

99 A 

89.7 

103 

105.5 

139 JL 

2,641 

96 

4th qtr. 

100JL 

89.8 

89 

■105.4 

168£ 

2,752 

104 

July 

99.6 

89.2 

100 

104.5 

139.5 

2^90 

92 

Aug 

99.6 

89.5 

125 

105.0 

139.0 

2,643 

98 

Sept 

100.3 

90.3 

86 

1(&5 

138.8 

2,692 

97 

Oct 

101.5 

9L4 

92 

106.2 

147.8 

2J>23 

99 

Nov 

99.9 

89.8 

93 

105JE 

158.4 

2,760 

104 

Dec 

1982 

99.0 

88J. 

81 

1046 

193.1 

2,769 

108 

Jan 

Feb 

Manrii 

9&J6 

87.5 


107.0 

106.1 

143.9 

137.6 

2*812 

2J18 

2&S 

112 

113 

111 


Companies and Markets 


Bros AND DEALS 


Financial Times Thursday April S 1982 

MINING NEWS 


OUTPUT — By market sector; consumer goods, investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and dotting' (1975=100); 
housing starts (000s, monthly average). *■ 




Consumer 

Invst. 

IntmcL 

Eng- 

Metal 

Textile House. 


I960 

goods 

goods 

goods 

output 

mnfg. 

etc. 

starts* 


4th qtr. 
1981 

94.3 

91.6 

117.1 

86.6 

• ■ 71.0 

77.2 

10.1 

' 

1st qtr. 

93.6 

882 

117.1 

84.1 

75.7 

76.7 

10.9 


2nd qtr. 

93.2 

88.7 

117.9 

S4JS 

78.7 

75.8 

14.1 

* 

3rd qtr. 

93.5 

892 

118.5 

862 

772 

75.1 

142 

1 

4th qtr. 

93.1 

90.1 

1212 

86.5 

82.6 

74.8 

11.8 

i 

Aug 

94.0 

89.0 

118.0 

86.0 

76.0 

76.0 

12.5 

i 

Sept 

93.11 

90.0 

120.0 

87.0 

79.0 

75.0 

15.4 

i 

Oct 

95.0 

90A 

124.0 

87J) 

86.0 

75.0 

134 

s ! 

Nov 

93.0 

90.0 

121.0 

86.0 

83.0 

75.0 

14.1 

< - 

t 

Dec 

: 1982 

92.0 

90.0 

119.0 

86.0 

79.0 

74.0 

7.7 

i 

Jan 

Feb 

89.0 

90.0 

119.0 

86.0 

77.0 

71 J) 

1L1 

14.8 


EXTERNAL TRADE — -Indices of export and Import volume 
(1975=100); visible balance; current balance (£m); oil balance 
(£m); terms of trade (1975=100); exchange reserves. 



Export Import 

Visible 

Current 

Oil 

Terms 

Besv. 


volume volume balance 

balance balance 

trade USSbn* 

1980 








4th qtr. 

1981 
2nd qtr. 

136.6 

11L8 

+1265 

+2,114 

+222 

1052 

27.90 







26.73 

4th qtr. 

135.8 

1322 

+ 748 

+1248 

+705 

99.8 

2325 

Feb 

121.7 

1142 

+314 

+755 

+231 

1052 

28.43 

March 


1052 





2821 

April 


1062 





28.07 

Sept 

1302 

1352 

+ 13 

+114 

+290 

100 J) 

23.70 

Oct 

1332 

1262 

+366 

+532 

+ 89 

982 

2322 

Nov 

1392 

141.7 

+ 51 

+218 

+214 

1002 

23.46 

Dec 

133-8 

129.0 

+331 

+498 

+402 

100.4 

2325 


1982 

Jan 

Feb 

March 

Trade 


23.23 

23.37 

1847- 


figures for March-August 1981 not available because of 
Civil Service dispute. 


FINANCIAL — Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months' growth at annual 
rate); domestic credit expansion (£m); building societies’ net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 

Bank 



Ml 

M3 

advances DCE 

BS 

HP 

MLR 

1981 

% 

% 

% £m 

inflow lending 

% 






1st qtr. 

62 

82 

12.4 +12 08 

1,081 

1,884 

12 

2nd qtr. 

232 

172 

62 +4250 

U03 

1236 

12 

3rd qtr. 

8J. 

182 

29.7 +5251 

868 

2,019 


4th qtr. 



+2284 

422 

1280 


June 

21.9 

172 

8.6 +1,164 

371 

674 

12 

July 

142 

. 172 

■ 192 +2240 

290 

658 

12 

Aug 

02 

142 

35.4 +1246 

244 

659 

_ 

Sept 

9.7 

222 

342 +2,465 

334 

706 

„ 

Oct 

— 4.7 

202 

24.0 +1257 

154 

681 



Nov 

7.6 

172 

20.4 + 443 

65 

642 



Dec 



+ 184 

203 

657 

— 

1982 







Jan 




356 

654 


Feb 




347 

691 



INFLATION — -Indices of earnings (Jan 1976=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1975=100); retail prieps and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (1975=100). 


1981 

1st qtr. 

Earn- 

ings* 

Basic 

mads.* 

Whsale. 

mnfg.* 

RPI* 

FT* 

Foods* conxdty. Strlg. 

1952 

2132 

2122 

280.4 

268.7 

26126 

101.4 

2nd qtr. 

2022 

2252 

219.4 

294.0 

277.0 

245.07 

972 

3rd qtr. 

2092 

2352 

224-1 

299.1 

2782 

26023 

902 

4th qtr. 

2142 

2372 

2292 

306.5 

285.6 

34827 

89.7 

Sept 

211-7 

2372 

2252 

301.0 

2792 

26023 

88.0 

Oct 

2122 

238-2 

2272 

303.7 

282.7 

259.12 

882 

Nov 

2142 

2362 

229.4 

306.9 

2852 

345.79 

90.1 

Dec 

2172 

2362 

230.4 

3082 

2882 

24827 

902 

1982 

Jan 

214.1 

238.9 

2322 

310.6 

296.1 

25224 

91.1 

Feb 


2392 

2342 

310.7 

297.1 

241.77 

912 

March 


2352 

2352 



242.40 

902 


1 Not seasonally adjusted. 


Barratt Devs, 
expands in 
East Anglia 

Barratt Developments, the 
housebuilders, has acquired 
United Kingdom Development 
Company, a landholding concern 
in Norwich and central Norfolk, 
and its two trading subsidiaries, 
Norfolk Garden Estates and 
Calderslodge Developments. Bar- 
ratt, which regards East Angl ia as 
one of its most promising 
development areas. Is to make a 
deferred cash payment of £A25m, 
half of which will he paid in July 
and the remainder in early. 1983. 

UK Development had lender^ 
taken some building on its land 
which amounted to 1,000 residen- 
tial plots and a small amount of 
industrial land, all with planning 
permission. Barratt intends to 
develop the sites and says the 
acquisition will enable it to 
expand its share of the East 
Anglifia housing market. 

Barratt Developments reported 
a pro-tax profit of £1547m on a 
turnover of £164.21m for the six 
months ended December 31 19SL 

BRITISH MOHAIR/ 
MCHARG AND AIRD 
British Mohair Spinners has 
acquired M cH arg and Alrd (Hold- 
ings) of Bradford for £750,000, 
made up of £325.000 in cash and 
888,889 Ordinary shares of 25p 
each. A further £25,000 cash con- 
sideration may become payable 
dependent on the profits of two 
subsidiary companies for the 
year ending April 30. 

The book value of the net 
assets acquired is £681,000, 
including cash and quoted invest- 
ments amounting to £318,000. 
McHarg and Aird has interests in 
paper, jute and packaging 
materials. The acquisition is seen 
as a further step in British 
Mohair’s policy of diversification. 

SHARE STAKES 

British Dredging — Following 
further purchases total number 
of • ordinary now owned by 
Colguy Holdings Is 1,655.156 
(10.03 per cent). 

Cattles (Holdings)' — Mr A. R. 
■Muir, director, disposed of 
50,000 ordinary at 24p of his 
non-ben eficial' holding. 

British Vita — Mr N M 
Grimshaw, Mr J. H. Ogden and 
Mr F. A Parker, directors, sold 
in a now beneficial capacity 
50,000 ordinary at 149p. 

Charter Trust — Standard Life 
Assurance, following recent 
purchase of 325,000 ordinary 
stock units, now holds 3.125,789 
ordinary units (7.7 per cent). 

Caird and Sons — Panther 
Securities holds 19,250 ordinary 
(6.02 per cent). 

Tribune Investment Trust — 
Airways Pension fund holds 
1.37m ordinary (545 per cent). 

Greene King and Sons 

Arthur Guinness beneficial hold- 
ing reduced to 1,051,472 ordinary. 

Seat Met Properties — USF 
Nominees purchased a further 
50,000 ordinary at S7p (5.59 per 
cent total holding). 

MORGAN CRUCIBLE 

Morganite Canada Inc., a sub- 
sidiary of Morgan Crucible, has 
contracted to purchase the 
equity in Permatbane Industries 
of - Calgary, Alberta, at a cost of 
some C$L8m. 

Morganite Canada supplies 
industrial carbon, foundry 
crucible and refractory products 
to the Canadian market, while ' 
Permathane specialises in 
supplying wear components and 
parts for cast urethane for the 
oil. mining and pulp industries 
of Western Canada. 

HOSKINS HORTON 

Claxton and Garland, an 
investment company beaded by 
Mr Robin Garland, has built up 
its stake in Hoskins and Horton, 
the building supplies and 
hospital equipment group, to 23 
per cent following the purchase 
Of another 50.000 shares. It now 
turns 610,400 shores. 


Willis Faber 
in £5.6m deal 


Willis Faber, the insurance 
broker, has acquired, for £5.63m, 
a 75 per cent interest in the 
Shares of Carter Wilkes and Fane 
(Holdings). The deal entitles 
Willis Faber to receive aR the 
profits of Carter Wilkes and 
Fane until December 31 1985. 

There are put and call options 
under which the remaining 25 

per cent of the share capital of 
Carter Wilkes and Fane may be 
acquired after 30 September 1985 
or earlier in exceptional circum- 
stances. 

The consideration will be 
satisfied -by the issue of 42JSS6 
ordinary shares fully paid, £2 


floating rate unsecured loan 
notes 19S7 and £3. 14m in cash. 

Carter Wilkes and Fane is a 
holding company Whose subsi- 
diaries act as reinsurance 
brokers at Lloyd’s and as mem- 
bers and managing agents for 
underwriting members of 
Lloyd's. 

The pre-tax profits of Carter 
Wilkes and Fane for the year to 
September 1981 were £1 .4m and 
the net tangible assets at that 
date were £ 1.03m, out of which 
the payment of a special divi- 
dend of £625,000 will be made to 
Willis Faber. 



en 



Reglstre du commerce B7443 


Summary of Results for the 
year ended 31st December 1981 



IWraiM 

Vaar ended 


31.12.lsei 

31.121880 

Conaofidatad Statement of Operations 

U.S. Dates 

US. Dotes 

Gross Income 

1.067.712 

750.432 

Expenses 

778, 1Z3 

844,726 

Realised profit on sale of investments 

289.589 

(94,294) 

and on exchange, less performance fee 

1,349,797 

8,619,391 

Net profit for the year 
( Decrease)/! ncrease in net unrealised 

1.639.386 

8,525,097 

appreciation of investments 

(3.402.609) 

707,060 

Result of Operations 

($1.763,2 23) 

$9,232,157 

Dividend paid during th e-year 

$257,305 

$194,584 

Conso&datocf Statement of Net Assets 

31.12.1981 

. 31.121960 

Investments at market value 

37,160,606 

31,825,315 

Net current assets 

6^88.058 

590,106 

Net Assets 

$43,443,666 

$32,415,421 

Outstanding shares 

2,564*897 

1,834,086 

Net asset value per share 

$17.01 

$17.67 


Copies of the Report end Accounts and of the Prospectus are. available from the 
Registered office at— 


or from the following:— 

As Sales and Repurchase Agents 
G.T. Management Limited, 

Park House, 1 6 Finsbury Circus, 
London EC2M 7DJ. 


14 me Aldringen, 

Grand Duchy of Luxembourg. 

As Coupon Paying Agents 
Samuel Montagu & Co. Limited, 
114 Old Broad Street 

London EC2P 2 HV. 


I 


Reorganisation proposals 
from Le Vallonet soon 


Le Vallonet hopes to he able 
to circulate in tire near future 
detailed proposals for the re- 
organisation of the company 
whose listing has been suspended 
since last May. Last April con- 
trol of the company passed to 
Atlantis Resources, a Canadian- 
based oil and gas investing com- 
pany. 

The company- says since the 
suspension efforts have been 
made to reorganise the company 
with a view to the acquisition of 
petroleum and natural ga? 
interests mainly in Canada and 
the U.S. 

It anticipates, subject to final 
regulatory, authorities' approval. 


that satisfactory proposals for 
reorganisation will he forth- 
coming. 

However, these have not yet 
reached a stage which would 
enable the Stock Exchange to 
indicate whether or not applica- 
tion for a listing following such, 
a proposed reorganisation would 
he likely to succeed. 

The company’s major assets, 
continue to be cash deposits and 
an interest in a joint venture 
for petroleum and natural gas 
exploration, development and 
production. Certain investments 
have been made in North' 
America Oil Company shares. 


Fitch Lovell buys Hedges 


Fitch Lovell, the food 
manufacturing and retailing 
group, last night completed the 
acquisition of Hedges, Lancashire- 
based wholesale distributor of 
frozen -foods to the catering 
industry in the North West and 
North Wales. Fitch. Lovell is 
paying £3 -3m which will be made 
up of £23m cash and £Lm in 
Fitch Lovell' shares. 

Hedges employs about 120 
people and Fitch Lovell esti- 
mate the asset value at about 
£2m and is paying £L5m for 


RTZ/TUNNEL 

ACCEPTANCES 

Rio Tlnto-Zlne, the UK's 
largest mining group, said 
yesterday it now owned, con- 
trolled or had received accept- 
ances for 89 per cent of the 
issued ordinary capital and 90 
per cent of the votes of Tunnel 
Holdings, the specialty chemicals 
and cement group. RTZ had 
made an agreed hid for Tunnel 
in February. 

The offers for Tunnel's “A” 
and “B” ordinary and deferred 
shares were unconditional as to 
acceptances and remained open. 

Holders of some 96 per cent of 
" A " ordinary shares and 52 per 
cent of “B” ordinary shares 
accepted BTZ’s offer. This was 
four RTZ shares for every three 
“ A ” or “ B ” ordinary shares in 
Tunnel or an alternative cash 
offer. 

Acceptances have also been 
received an respect of 89 per 
cent of the 3.85 per cent cumu- 
lative preference shares and 91 
per cent of the 3.5 per cent “A” 
cumulative preference shares. 

ESPLEY-TYAS 

Conditional agreements have 
been reached by Espley-Tyas 
Property Group for the acquisi- 
tion from P. J. Gilman and 
G. B. Gregory (and others) .of 
their minority interests. 

These total 47 per cent of 
Manston Development Group for 
an initial sum of £803.410, and 
a deferred payment related to 90 
per cent of Manston's NAV at 
September 30 1983. Of the initial 
sum £100,000 is payable In cash 
and the rest by issue of 740,431 
ordinary shares at 95p each. 


goodwill. Hedges is expected ter 
have a turnover of film in the 
year to April 24 1982 with* a 
profit forecast of £730,000. Fitch 
Lovell reported pre-tax profits 
. of £422m on a turnover of 
£363.36m in the six months 
ending October 24, 1981. 

Fitch Lovell said the 
acquisition would fit in well with 
the company's existing frozen 
food distribution company, Blue 
Cap Frozen Food Services, and 
that it planned to expand in this 
sector. Hedges will be managed 
as a separate company. 

UBM REORGANISES 

LOSS MAKERS 

UBM, the Bristol based bnilders 
merchant, is to substantially 
re-organise its builders merchant 
division, with the loss of about 
300 jobs. 

UBM Mercian and UBM 
London are to be absorbed into 
UBM MAC, based at Bristol, 
while the specialist contract sani- 
taryware business of UBM 
London is to be transferred to 
UBM CadeL Further admrnis- - 
tration changes affect the com- 
pany's North of England opera- 
tions. 

Mr David Wares, UBM Mer- 
chants managing director, said 
the approach was to cut costs 
wherever loss making activities 
existed. Uneconomic branches 
bad been closed. UBM made a 
£831,000 pre-tax loss in the six 
months ending August 31, 1981 
on turnover of £119.18 m. 

QUINTON HAZELL 

Quinton Hacell bas acquired 
for an undisclosed sum. West 
Midlands Auto Electrical. 

The two main trading com- 
panies in West Midland are 
Midar Service Units, an elec- 
trical reconditioning company 
with seven distribution outlets, 
and Bemas Automotive, an 
electrical rewinder.. 

BARTLETT INSCE. 

Bartlett Insurance Brokers 
Group has agreed with Mr G. N. 
Clark and Mr R. A. Skinner to 
purchase their London based 
broking business, G. N. Clark. Its 
name will be changed to Bartlett 
Clark Skinner Limited. 


BSC raid on 
Federated Land 
shares fails 

Another attempt has been made 
to shift a substantial tranche of 
Federated Land equity ahead of 
the decision, expected this morn- 
ing by M P Kent, one of the two 
bidders, whether or not to raise 
its terms. 

It is understood that a lead- 
ing -broker was attempting to 
buy up to 3.5m Federated shares 
yesterday on behalf of the 
British Steel Corporation Manual 
Staff Superannuation Scheme 
which launched a £19m bid for 
Federated last Friday. 

The buying attempt follows an 
abortive put-through at the end 
of last week by Federated share- 
holders representing 15 per cent 
of the capital. That move was 
blocked when Kent let it be 
known that it was considering an 
improvement m its £17m offer. 

Yesterday's attempt at the 
fund's proposed offer price of 
175p per share was signally un- 
successful although buying on 
the desired scale would have 
given BSC up .to 56 per cent oE 
the votes when- coupled with the 
23.3 per cent already pledged on 
an irrevocable basis by tbe 
Federated board, family, and 
trusts. 

CADBURY SCHWEPPES 
Cadbury Schweppes’ plan to 
acquire 66 per cent of Rioblanco, 
Spain's largest soft drinks com- 
pany, has been approved by the 
Spanish Government 
The offer is £14J3m for 49 per 
cent of Rioblanco’s equity and 
the right to subscribe £2.7 m for 
new shares which will boost 
Cadbury Schweppes’ sharehold- 
ing to 66 per cent The £l«L2m 
payment will be made over 
three years. 

SUN LIFE ASSURANCE 
By reason of contracts for 
purchase of 75,000 shares in Son 
Life on April 6, 1982 by Trans- 
Atlantic Insurance Holdings, 
Transatlantic and Liberty Life 
Association of Africa became in- 
terested in 12.74m shares of Sun 
Life. Transatlantic is a sub- 
sidiary of Liberty Life. 

LAGANVALE 
Lagan vale Estates has made 
conditional agreements to 
acquire Regentcrest for £252,461 
and three investment properties 
for a total of £1.4m. 


EUROPEAN OPTIONS EXCHANGE 


Series 


May 

Vol. | Last 


GOLD C 
GOLD C 
GOLD C 
GOLD C 
GOLD C 
GOLD C 
GOLD P 
GOLD P 
GOLD P 
GOLD P 
GOLD P 

18 a 4 ML 81 87-91 
C 

c 
c 
c 

1Q3( NL BO 86-95 

G F.IOO! - 
c p.ioe.eo) — 

HU NL 82 88-98 


Aug. 

Vol. | Last 


Nov. 1 

Vol. | Last Stock 



13 

41 A 

166 

46 AJ 





142 

20A 

37 

42 A, 

35 

SO 

224 

11 3 

49 

23.50 H 

7 

36 

162 

6.50 

133 

r IS 

24 

26 

62 

3 

1 

11.40 




IS 

1.50 

— 

— 







. — 





5 

10 

231 

6 

3 

10 

66 

13 

104 

15.50 

10 

20 

B 

22 

26 

27 

9 

32 

5 

33 

— 

— 

10 

SO 

2 

48 

10 

a 






_ 

85 

3.60 







— 



— 

10 

2.60 

— 

— 

30 

1.20 




6354.25 


4 I 3.60 I 
30 j 2 J 


F.11S 


— I - IF. 102.70 


C 

F. 102.501 a 1 2.20 

April 

| 10 1 2.80 

July 

l - 

Oct. 

AKZO C 

F.25 

45 

5.80 E 

— 

_ 

44 

6.80 

AKZO C 

F.27.50 

78 

3.30 a 

— 

— 



_ 

AXZO C 

F.30 

4] 

1 

15 

2.40 

S3 

2.70 

AKZO C 

F.32.50 

— 

— 

15 

1.30 

22 

1.70 

AKZO P 

F.30 

— 

— 

65 

1.60 

60 

1.80 

AKZO P 

F.32.50 

— 

— 

30 

3.20 



AMRO C 

F.50 

— . 

— ’ 

38 

2.10 





HEIN C 

F.65 

— 

— 

— 

— 

6 

4.10 

HOOG C 

F.11.60 

19 

0.30 

— 

— 



HOOfi P 

F. 17.50 

— 

— 

— 

— 

7 

MO B 

IBM c 

*60 

19 


— 

— 

— 


KLM C 

FAD 

— 

— 

— 

— 

10 

36.50 

KLM G 

F.90 

«w 

— 

a 

22 

22 

23.50 

KLM C 

F.IOO 

19 

9-30 

26 

15.30 A 



KLM G 

F.llO 

90 

2.10. 

71 

8.20 1 





KLM C 

F.120 

1X4 

0.60 

ee 

6.60 A 

, 

_ 

KLM P 

F.IOO 


— 

67 

2.90 ' 





KLM P 

F.llO 

66 

2.60 E 

so 

G.10 




NEDL G 

F.120 

26 

4.80 

15 

9.50 



NEDL C 

F.130 

52 

1 

14 

4.50 





NEDL C 

F.140 

10 

0.10 

89 

2.20 



__ 

NEDL P 

F.120 

20 

1.30 

20 

8 





NATN C 

F.llO 

— 

— 

10 

3 

25 

4.60 

PHIL C 

FA0 

15 

4.80 

7 

4.70 



i 

PHIL C 

F.28.50 124 

2,10 

122 

2.40 

42 

3.10 

PHIL C 

FA 5 

54 

0.30 

94 

1.10 

82 

1.70 

PHIL P 

F.22.S0 


— 

10 

0.70 



RD C 

F.70 

29 

20 

50 

20.50 Ai 





RQ C 

F.&O 

361 

10.20 

90 

10.30 

34 

10.60 

RD C 

F.90 

1046 

1.60. 

315 

3.60 

70 

4.40 

RD C 

F.1001 

15 

0.10 

130 

i.ib 



RD-P 

F„BO 

— 

— 

99 

1 

67 

2 ! 

RD P 

F.90 

112 

1.40 

40 

6 JOB 

9 

6 

RD P 

F.100 

e 

10 

_ 



- 

UN1L P 

P.160 

— 

— 

8 


— 

- 1 


F.4^.70 

F.55.70 

F.17.70 


F. 108.80 


p.iihno 


TOTAL VOLUME IN CONTRACTS: 

A=Asked B=Btd 


6,230 

C=Cal| 


P=Ptrt 


Laurence 
Prust launches 
‘start up’ fund 

By Tim Dickson • 

Stockbrokers Laurence, Prust 
Sc Company have launched a 
second fund designed to enable 
individual investors to • take 
advantage of the Government’s 
business start up scheme. The 
first one was formed last 
September. 

The Second Basildon Fund, a a 
it is known, is looking for 
subscriptions -totalling £5ra and 
will again be managed by Tri- 
venture, a company formed by 
the partners of Laurence Prust 
together with Mr Dennis Fred- 
jobn and Mr Peter Underhill. 
The closing date for applica- 
tions is June 29, though those 
received by May 14 will pay a 
reduced management fee. 

Tbe business start up scheme 
was introduced in the 1981 
Finance Bill. It allowed indi- 
viduals in 1981/82 to claim tax 
relief on an equity investment 
in a new company at their top 
marginal rate up to £10.000, 
though this has how been raised 
to £20,000 (nr £30.000 for those 
who have not used up last year's 
limit). 

The first Basildon ] 
raised £Llm and is now — „ 
Invested. “In reaching the deci- 
sion to go for £5m this time, 
account has been taken of the 
further investment opportunities 
already identified by Triven- 
ture," Mr Philip Darwin, senior 
partner of Laurence Prust said 
yesterday. 

Tbe second Basildon fund will 
operate much tike the first The 
charges, however, will be 
greater and investors will pay 
a front end fee of 8 per cent 
(including VAT) on the initial 
sum invested. Triventure will 
retain the interest earned on 
sums pending investment 
Tbe minimum investment is 
£2,500. the maximum £30,000. 
The fund will be marketed more 
aggressively through inter- 
mediaries than the first one. 

Former IT 
Raleigh chief 
gets £85,000 

Mr Ian Phillipps, tbe former 
chairman and managing director 
of TI Raleigh Industries, the 
Nottingham bicycle manufac- 
turer, received an £S5,000 com- 
pensation payment for loss of 
office from Tube Investments, 
Raleigh's parent company. 

Mr Phillipps left Tube Invest- 
ments in July 1981 after a board- 
room row over the future 
development of the company’s 
bicycles division. Mr Phillips, 57, 
had been on tbe main Tube la- 
vestments board for 11 years 
before his resignation and had 
been chairman and mana g in g 
director TI Raleigh for seven 
years. 

The TI group last month re- 
ported a pre-tax loss of £23. lm 
for 1981. compared with a profit 
of £26.7m. The cycle and toys 
division showed a trading loss 
of £10.5m. 

EWART NEW 
NORTHERN 

Ewart New Northern, the com- 
mercial and industrial property 
developer, plans to raise around 
£300.000 before expenses 
through the issue to a consor- 
tium of investors 136,400 new 
ordinary shares at a price of 
220p per share. 

The company will continue to 
dispose of its older properties 
and develop the more .modern, 
as suitable opportunities arise. 


Higher tax and 
gold fall hits 
min e earnings 

BY KENfffTH MARSTON, MINING BHTOR 


THE FIRST examples of the 
Impact on the South African gold 
mines of the increased taxes 
announced in last month's Budget 
come with the March quarter 
results of the mines in the 
Consolidated Gold Fields group. 

In addition, gross profits have 
been depressed by a 10.7 per cent 
fall in the average gold price 
received in terms of South 
African rands. 

Because of the weakness of this 
currency against the U-S- dollar, 
the fall* in rand revenue is less 
than that in terms of dollar gold 
prices which averaged 8383 per 
ounce la. the March quarter com- 
pared with *417 in the previous 
three months. 

Overall, tbe group’s mines have 
maintained tlie gold grades of ore 
milled, but a slightly smaller mill 
throughput — largely a result of 
an electricity substation fire 
interrupting operations at Kloof 
— bas resulted in a modestly 
lower total gold production of 
34^84 kilogrammes. 

But total net profits of the 
group have fallen 12.5 per cent 
to R133m (£71m) in the March 
quarter as a result of the lower 
goM price, a rise of 4LS per cent 
in working costs and __ the 
increased Lax on non-mining 
income and the higher tax sur- 
charges on all income. 

The increased tax structure is 
retrospective in the sense that 
it applies to a company's current 
accounting period and thus 
could cover the period back to 
January 1981 in the case of_ a 
company, such as Vlakfontein, 
which has changed its financial 
year- end from December to 
June. 

In order to avoid the whole of 

Big synthetic 
diamond claim 

AT A TIME when the world 
market for large diamonds is 
particularly depressed, it is 
reported from Tokyo that Sumi- 
tomo Electric Industries has 
succeeded in producing what it 
claims is the world's largest 
industrial diamond of 1~2 carats 
(there are 142 carats to the ounce 
troy). 

The previous record was of one 
carat, this stone being produced 
by General Electric of the UjJ. 
In 1970, said Sumitomo. It is 
claimed that the Japanese 
diamond is better then the 
natural stone for cutting and 
adaption to industrial uses. 

But no comparative production 
cost figures are given. It is stated 
only that the company plans to 
sell Its product in a few years at 
a competitive price against 
nature diamonds. 


the tax increases being reflected 
in one quarter only, the. mines 
have recalculated their net 
profit figure* for the previous 
periods of their respective finuu 
dal years. 

Taking the re- stated figures 
for the December quarter of last 
year, the impact of the higher 
tax has reduced Dtlcfontciii's 
net profit for that period by 9.3 
per cent to R8LSm from the 
previously reported Rfl 0-2m. 
Re-staled earnings of Kloof for 
the December quarter show a 
reduction of S3 per cent while 
those of Llbanon are reduced by 
only 3.4 per cent 
The mines' net profits for the 
March quarter of this year are 
compared with the re -stated 
figures for the previous periods 
in the following table: 

Mar Dae Sopc 
QW qw qu 
ROOOa ROOCs ROOD* 

D 3d 1 kraal 2.684 4JB1 4.088 

Dflornfonram 11.156 15.355 KJJM6 

Dnrfo-wew 76.485 81.806 78. K* 

KJoot * 28.138 31968 28,00 

LibJnon 11.1BO 11880 10.616 

VorrtarapOKt t3,17D 13.678 12.410 

Vlakianiein 487 4® 205 

t Includes Stan assistance 
For the most part the actual 
amounts of tax and State's share 
of profit deducted in the latest 
quarter are below those of the 
previous three months. Except 
tionally. Doorufwnteln's liability 
has increased and this explains 
the sharper than average fall 
in earnings for the .quarter. 
Costs at Kloof have been 
inflated as a result of tbe fire 
which halted milting operations 
for a week. The marginal grade 
Vlakfontein, on the other hand, 
has managed to reduce costs 
and obtained a rather better 
than average gold price in the 
latest quarter. 

Hamersley men 
staying out 

WORKERS AT the Rio Ttnto- 
Zinc group's West Australian 
iron ore mines of Hamersley 
Holdings have decided to remain 
on strike and plan to seek finan- 
cial support from other trade 
unions to help them continue the 
stoppage, according to a mine 
union spokesman. 

Mr Leo McKee said that no 
progress was made at a State 
Industrial Commission meeting 
on the dispute. 

The 2,800 strong workforce 
went on strike at the Paraburdoo 
and Tom price mines in mid- 
March over a disagreement .ypith 
Hamersley about the role of 
union representatives in the 
wotk place. 

The dispute has halted pro- 
duction at the two mines and 
about a dozen iron-ore ships 
are delayed off the port of 
Dampier as a result 


USM listing 
for Druck 

Brack Holdings, the Leicester- 
sfbir&Jbased manufacturer of 
precdsdon pressure measuring 
equipment, will be coining to the 
Unlisted Securities Market later 
this month foil owing the placing 
of 20 per cent of the company’s 
shares. 

In the year to last June, the 
company had sales of £1.99m 


and pre-tax profits of £440,000. 
Forecast profits for 1932 are ex- 
pected to be substantially 
higher. The placing is expected 
to give the group a total market 
capitalisation of around Sim to 
£7m. 

The {bares are being placed 
by two of the company’s 
founders, who will retain con- 
trol of Druck. The company’s 
merchant bank is Klein wort 
Benson. Stock brokers to the 
company are G reives on Grant. 


1 LONDON TRADED OPTIONS 


|l April 7, Total Contracts 

1,558 Calls 971 Puts 587 





Ipril 

Ju 

V 

0 

CL 


Option 

Ex'ncis® 

price 

Closing 

offer 

Vol. 

Closing 

offer 

VoL 

Closing 

offer 

Vol. 

Equity 

does 

BP (o> 

280 

11 

a 

26 


30 

2 

2B4p 

BP (C) 

300 

6 


14 

5 

20 


BP (p> 

260 

3 

a 

6 


a 

__ 


BP (Pi 

2 BO 

5 

3 

10 


20 

13 


BP U>) 

300 

SO 

34 

24 

4 

32 



BP fp) 

330 

46 


48 

1 

58 



CU (cl 

130 

B 

20 

14 


18 


154p 

CU (c) 

140 

2 



9 

18 

13 

2 

Cons. Gld fol 

360 

42 

1 

63 


70 


394p 

Cona. Gld <c 

390 

. 14 

5 

SO 

__ 



Cons. Gld to, 

460 

1*3 


9 



2 


Cons. Gld uo 

460 

67 



72 

2 

75 



Cons. Old (p) 

660 

197 

— 

167 

2 



Ctlda. (o) 

60 

27 

a 

30 

__ 



86p 

cthjs. ic) 

80 

8 

14 

1212 

20 


__ 

Ctlds. fc) 

90 

3 


7J* 

4 

Ilk 



a: 

GEC (cl 

aao 

4 

— 

23 

26 

.44 

7 

B09p 

GEC ipi 

800 

11 

252 

26 

21 



Grid Mat. (c 

180 

36 

41 

41 


45 

1 

214p 

Grid Met fc 

200 

17 

60 

23 




Grid Mat. (c 

220 

3 

a 

9 





Grid Mat. <e 

220 

12 


16 

2 

23 



|CI (cl 

300 

22 

5 

36 


44 

__ 

3 lap 

|CJ (e) 

330 

6 

8 

18 

s 



lCl (ci . 

380 

1 

3 

a 





|CI fpj • 

300 

4 

3 

10 

4 

14 

_ 

W 

(Cl (p) 

350 

16 

59 

24 


28 




Land Sac. fell 

280 

10 

1 

23 

1 



285p 

Land Sec. ici 

300 

3 

8 

14 




Land Sac. fc] 

330 



5 




** 

Mks & sp. fei 

100 

49 

10 

54 




147p 

Mks A Sp. (C! 

120 

29 

7 

34 



_ 

Mks. asp. (ci 

150 

19 


24 

2 




Mks & sp. icj 

140 

11 


16 

5 



** 

Mks ft Sp. tel 

ISO 

3 

__ 

7 




m 

Shell (cl 
Shall (o 

360 

390 

24 

5 

— 

34 

18 

5 

'7 

44 


382p 

Shell (pi 

330 

14 


8 

25 

22 


§i 

Shell ipi 

360 

4 

15 

12 




11 

Shell ipi 

390 

16 

60 

24 





Shell (pi 

420 

42 


46 

1 


— 

„ 



May 

August 

November 


Barclays fol 

390 

58 

1 







446p 

Barclays tei 

460 

7 

7 

23 




Barclays (pi 

4S0 

5 

10 

10 






Barclays fpi 

• 460 

20 

8 

85 


30 



imperial (c) 

80 

16 

63 

20 

13 

224 


BBp 

Imperial (c) 

90 

6 

69 

12ia 

41 



Imperial (cl 

100 

2 

43 

75, 

93 


3 

' 

Imperial (p) 

90 

2 



3 




99 fi 

Laamo (o) 

330 

27 

1 

45 



_ a 

S42jT 

Laamo le) 

360 

IB 

7 

30 

a 



Laurno 10) 

390 

7 

6 

20 





Laamo (Cl 

420 

6 


13 



__ ' 


Laamo (c) 

460 

6 

— . 

8 





Laamo (e) 

600 

4 

23 

8 

3 




Lonrho (d 

70 

6 



9 

17 

11 

s 

Tap 

Lonrho (el 

80 

Ha 

— 

4ia 

2 

64 

12 

36 

Lonrho (p) 

80 

- 10 

1 

10 

4 

4' 


P6sO<el 

120 

13 

1 

is . 

. 6 

24 

. .i; 

mp 

P 6c 0 (o) 

130 

e 


12 

10 

19 


P&O (cl 

140 

4 

20 

a 


13 


. 

Racal (c) 

330 

64 

3 

66 


73 


saop 

** 

Basal fc) 

360 

25 


. 43 ■ 

10 

83 

86 

Raced (c) 

390 

7 


22 


33 

1 


Racal (e) 

420 

2 



9 

1 




Racal fp) 

360 

10 

6 

15 

8 

20 

_ _ 


Racal (p) 

420 

45 

— 

50 

10 


— 


KTZte) 


40 

10 

62 



87 



*190 

RTZ (cj 

420 

20 

— . 

32 

2 

42 

__ 


RTZ |c) 

460 

6 

10 

20 

20 

27 

• _L_ 


RTZ (pi 

390 

4 

. — 

16 

10 

22 




RTZ |p) 

500 

90 

. — 

92 

2. 




• •' M 

vaai RT*. <e) 

36 

14 

— 

14ic 


19 

10 

48 

V«J Rfs. (6) 

45 

418 

— 

6>c 

2 

7 h 



Vaal Rfs. ic) 

50 

2 

10 



44 




vaai Rf». (e> 

SB 

N 

— 

24 

10 

a 

4- 

' 

Veal Rfs. (p) 

So 

43. 

2 

6 

1 

7 

20 


vam Rfs. ip) 

65 

7la 

— 

84 


94| 

4 

m 

j 1 C=C*H 




P=Put 

- 








23 





" Times Thursday April 8 1982 

Geapaiiies and Harkets 


UK COMPANY NEWS 


5 


’•■in;* r-fl 

■lalujj * 

ywg 

Z&Si 

1,1 n-mj 

'V Wj 

■I , r o, W 
p VVm Hhib 

r ‘ "■•lute* J 
r^for,. 

sir *51 

■■ pp- . 

•' fllr 7 

«», 

- • (K 

H ' fty if: 

m 

■* ta a 

! r ' «ho ^ 

I Slain 

!n the Uta 
th«M. of J 

^ b£ 
•; ™ 14 iQhS 

1hl - «Wie 
-■«vvr.i|;p (jf 

■ nuancr. 

Iu\c ^ 
<1 of Uwfc 
ppi-ratiift 
*:»rv;inal hjj 
«• ulhcr ^ 
r*. finer c*t 
railivT H, 
ITico in n 


>v men 

ut 

«• V.«n Tit);- 

.i Aiwnl a 

<i Haraept 
.!«■<! in r«ns 

i«* M , i k But 

■ •Hut ind; 
i i ■iTiUnof itt 
** )•> a vat 

« .iul llui » 
i- .u a S» 
•i on mate: 

woifer* 
«■ rarjlw* 
i in s 
nv::n , lll 
l!v rolfr 

m>-> in fc 




£.11*3 

,v* 

:Mp 


-<Uy 


.f*r 

. He 


■ ,c;r 




t** 


«p 


■X9 


r i:v 

■j 

lx#* 

i 

jH r 


Le e rises 
to £2.9m: 
pays more 

COMMERCIAL AND domestic 

refrigerator manufacturer Lee 

Refrigeration increased second 
. -half taxable profits fpr 1981 from 
£U22m to. This brought 

the total for .the year ter £2 54m 
compared: with £2.44m, earned on 
turnover £4.Q7m . higher at 
£38.06m. 

With stated earnings per 25p 
T share higher: at 4l.9p (30.64p) 
"the net final dividend is being 
' " -raised from- 4.065p- to 555p lift- 
^ ihg the total to Sp (555p). ^ * 
Tax took £401,000 f £582,000) 
leaving attributable profits of 

- £2.53m (£l.S5m), while retained: 
profits emerged at £2.05m 
(£L52m) after dividends’ absorb 

- £484.000 (£336,000). • 

-< On a CCA basis pre-tax profits 
c' were £2.75m (£l.«S3a»). 

• •comment 

*■ The 'consumer goods , sector has 
: been savaged by the recession, 
which makes' the performance of 
Lee Refrigeration ; all the more 
' . astounding. The 198060 per cent 
; spurt in pre-tax profits has been 
followed by a furth er ri.se ol over . 

- 20 per cent last year, with 
-.current cost -earnings more .than ■ 
doubled. Despite intense pressure 

••'■on. prices/ 'particularly from 
~' r Eastern European imnnrts. Lee 
t T has remained very competitive, 
recording a 26 Per cent increase ' 
’■ in sales tn the UK market, where 
2 _. its share ia likely to have reached 
the 20 per cent marie. This year 
> most- progress, is likelv to ccaie 
» from frfdeerfreecers. though Lee 
„ has already -shewn that the 
c mature fridge market is by no 
.--means, unexul oft able. Overseas 

- sales were down by about £3m 
-. hnt the strike at . the Calais 

- factory is now a thing of the 
nast This year the important . 

marieetrs lifcelv to Drove 

- a hard nut to crack.- Although the • 
.Jfviflend wan increased bv 44 ner 

• eent. it is still covered almost five 
-;'tinje* bv current cost warnings. 

240** before the FaHdpM 

• rricis. the share price rose 20o 
n yeeterdav to 23fln yielding just 

over 5 per cent and on a p/e of 
9.65. 

Win. Sindall 
progresses at 
year-end 

■ Pre-tax profits at William 
Sindall, . the Cambridge building 
and civil engineering contractor, 
improved from £413,070 to 

- £508,401 during 1981. Turnover 
rose marginally from £29.35m to 

• £29.6ro- The dividend is raised 
from 5.5p :tp Bp, but amounts 

- totalling £27,914 - have been 
waived. ‘ 

Hm pretax* figure .was struck . 
after depTOcaatlon higher s at - 
. 061. vpmpared wl^j £$92,470. . 

/froero _4«is a tsK. cimrge :of 

■ £13,751- 'against • a credit of 

• £11,167, Stated earnings per 25p, 
sbaie Increased from 42.425p to 


Sun Alliance static after 
doubled underwriting loss 


PRE-TAX PROFITS of Sun 
Alliance and London Insurance 
barely improved last year from 
£68,3m to- £703 m, foBowing 
underwritiiig losses more than 
doubling from £18. 4m to £36£m. 

' However, shareholders receive 
a 30 per cent increase in their 
dividend .from 33p to 43p, with 
a final . payment of 23J5p. How- 
ever. part, of this increase arises 
. from the group's policy of catch- 
ing up on dividend increases 
held back during the period of 
dividend restraint. The group 
now considers this catching-up 
process' to be completed. 

The underwriting losses were 
offset by a good Investment per- 
formance with Investment 
income jumping 24 per cent 
from £81 .5m to £lQl.lm. Slightly 
higher tax charges and minority 
interests saw the profit 
. attributable to shareholders 
rising marginally from £41.2m 
to £41.Sm- Earnings per share 
improved from 83.6P to 843p. 

General insurance premium 
income rose by over 17 per cent' 
from £5993m to £703.6m, with 
long-term insurance income 
improving by 21. per cent from 
£143. 3m to £17S5m. The under- 
lying growth rate in general 
insurance premiums, excluding 
the effect of changes in exchange 
rates was 115 per cent. Similarly 
investment income showed a 
true growth rate of 18.1 per cent 
The group's solvency margin at 


BOARD MEETINGS 

The taHswmg comjwiiM hwa noti- 
fied date* of board muring* ia tha 
Stock Exchange. Such mtningi are 
UMisUy held for the purpose of con- 
sidering dividends. OfficM indica- 
tion* are n« available as 10 . whither 
dividends . era i/iMr.m* or finals and 
the' subdivision* shown batow are 
bleed mswtly on last yaw's um*tahta. 

TODAY 

Interims: — New Central Witwafer*- 
rand. Tridant Computer Services. 
Thomas Weikar. Wernya* Investment 
Trust- 

Finale: — Anmuge BrotAers. Auto- 
motive Products. Carroii. -Coat* 
Brothers. General Investors end 
Trustee*. Highlands and Lowlands. 
Richards (Leicester}, Rock Oartiam. 
Royal Worcester. 

FUTURE DATES 

Interims:— 

BAT Industries April 28 

Dowdmg and MiCs 'Apr 1 ! 15 

News International April 14 

. Rosie; — . 

Alva Invaeonsni Trust April 14 

Anchor Chonucsi ApnL14 

British Home Stores May 10 

Cory fHoraca) April 16 

Foster Brother* Peril mg May 27 

■Graonbani Industrial Aprd. 14 

He'eea of London April W 

Owen Owen AprS 22 


the end of 1881 was 92 per cent. 

The group reported a favour- 
able result for its UK and Irish 
business with premium income 
advancing nearly 12 per cent and 
underwriting showing a healthy 
profit of £7.Gra. despite a £14m 
payout on claims from Decem- 
ber's bad weather. Last year UK 


business showed a loss of £1.8m. 
However the group, the largest 
house insurer in the UK, expects 
to pay out at least £20m net on 
the severe weather since the turn 
of the year. 

The personal and commercial 
property accounts remained in 
profit, but motor and engineer- 
ing business continued to show 
underwriting losses. The UK 
private motor business improved, 

but still showed substantial 
losses. There was a marked 
improvement in the liability 
account, arising largely from 
releases from prior years’ claims. 

The worst results came from 
the group's Australian business 
where losses’ nearly tripled from 
£6m to £l63m. Over three- 
quarters of this came from 
workers compensation business, 
but all classes contributed to the 
heavy underwriting losses. The 
group has had to substantially 
increase tts reserves. It is in the 
process of rationalising its 
Australian business by pruning 
mit had business and putting up 
rates. 

Underwriting in the U.S. moved 
into heavy losses of £4.4m from 
a profit of £800,000 in the pre- 
vious year. Automobile and 
casualty results deteriorated 
sharply. Results were generally 
unsatisfactory in all other over- 
seas territories. 

See Lex 


Dutch loss trims Ward White 


TAXABLE PROFITS of Ward 
White Group declined from 
£3 Am to £3.62m for 1981 
although second half figures 
showed • a marginal ■ improve- 
ment over those of the corres- 
ponding period, emerging at 
£2. 07m, compared with £2m. • 

The' full year results included 
a £358.000 loss incurred by a 
Dutch subsidiary in which the 
group holds a 60 per cent 
interest. It has been decided to 
dispose of this interest and the 
value of the residual investment 
has bees written off. 

The' pre-tax figure was also 
subject to interest charges 
slightly lower at £1.8m. against 
£1.84m. . 

Tax look £L24m (£910,000) but 
there were net extraordinary 
credits this time of £662,000 
(£546.000 debits) and mtnoritv 
credits of £131.000 (£2.000 

debits) 

Stated earnings per 25p share 


dropped to 7.8p (10-12p) but a 
same-sgain final dividend of 2,Sp 
holds the net total at 4£p. 

Turnover of this footwear 
manufacturer and engineer rose 
to £10339m (£92.48m). 

The directors say the current 
year should benefit from the 
disposal and discontinues ce of 
major loss-makers, adding that 
overseas earnings should con- 
tinue to grow. 

On a CCA basis pre-tax profits 
were £2_21m (£2. 17m). 

• comment 

In terms of the total UK shoe 
market Ward White is small beer 
accounting for 5 per cent With 
the market's volume changing 
little year, to yea; from the 240m 
pairs, the only way up is through 
acquisition but the group’s 
recent efforts in .this direction — 
K Shoes and Hiltons — produced 
no more than a useful gain on 
the subsequent share disposals. 


However the company is in talk 
with a private company and may 
make announcement in the near 
future. Also its expansion over- 
seas is proving very rewarding, 
with the exception of Holland, 
now being sold. Overseas activi- 
ties contributed more than half 
the trading surplus, £2. 9m, this 
time with a useful contribution 
coming from Kushins in the U.S. 
Further purchases are likely soon 
in the U.S. but the group hopes 
to maintain the baiance of over- 
seas to UK business in future. At 
home there was nil inflation in 
tn? shoe prices in 1981 but, with 
higher overhead costs, rises are 
likely in the current year. And. 
with the loss makers out of the 
way. a pro-tax upturn after fwo 
years of recline is on the cards. 
Yesterday with the better pro- 
spects shares put on 2p to 63p 
for a historic fully taxed p/e of 
almost 11. 


Expanded Metal continues rise 


' £6.7m increase 
at Scottish 
Metropolitan 

’ '. Pretax profits of the Scottish 
. -Metropolitan Property -increased 
"from. £&04m : to .£2.77xn in the 
half-year to February 15, 1082. 
The interim dividend is effec- 
tively raised from an adjusted 
l.llp to 1.5p on capital increased 

- by the one-for-eight strip issue. 
Tn*: board anticipates a final of 
2p against an adjusted L78p. 

- . Net revenue from properties 
amounted to £2. 72m (£2.38m), 
-and other income improved 
;? frofti'- -£499,009 to £650.596. ■ 
f Interest charges were .consider^ 

- ably lower at £325.084 (£637,541). 

■s bnt admin 'sTTBtion cxT>enses rose 
1 from £197.63! to. £268,605. Tax 
; charged ' was - £L27rn (fl.05m), 
“‘leaving revenue “available up 
‘■from £990.400. to £f.5m. ; 


TTHETiECtfVERY evident during 
. 1981 at Expanded Metal Company 
is expected to continue through 
1982, although at a similarly 
modest pace, say the directors. 

Full year pre-tax profits 
emerged at £1.16m (£1.07m) with 
the second half profits coming 
through at £782,000. compared 
with a £38,000 loss previously. 

The extern of this recovery, say 
the directors, will depend .con- 
siderably on the group's success 
in holding down costs. 

For the currenfyear trading in 
first quarter was .above the 
depredaed! level of the same 
period of 1981, but as yet there 
is no tangible evidence of an 
improvement in general demand 
say the directors. It is reasonable 
to expect better trading condi- 
tions in the UK. during the second 
half. 

The final dividend is held at 
£5p which repeats the year’s net 
total' at 4.5p: Stated earnings per 
25p share were down >lrom 7.23p 
to-2.3p. 

Turnover was little charged at 
£32. 32m, against £32.47m. Pre-tax 
profits were struck after interest 
charges of £444,000 (£455,000). 
Exceptional debits last time came 


to £146.000. Associated losses 
ware lower at £55,000. compared 
with £130,000. 

There was a charge for tax 
this time of £654.000. compared 
with a previous credit of £508.000. 
Attributable earnings emerged 
lower at £201.000 against £J.58m. 

On a current cost basis pre-tax 
profits were £416,000 (£210,000). 

• comment 

In .terms of revenues, profits 
and dividends, 1981 was a virtual 
carbon copy of. the previous 12 
months at Expanded Metal, re- 
flecting the stagnant nature of 
the company’s core businesses. 
In common with 1980, the latest 
dividend is also uncovered, 
which will inevitably raise a few 
eyebrows. From the company's 
point of view tins is obviously 
an expression of confidence that 
demand is at last showing an 
upturn although there is no 
guarantee that the apparent 
recovery trend will be sustained. 
At least interest rates are lower, 
which should stimulate the hous- 
ing market. There are two other 
factors which wil certainly have 
a bearing on future performance. 
Since the year-end there have 


been a number of key manage- 
ment changes and the West 
Midland Steel Stockholders com- 
pany. which has been hit by the 
depression In the steel industry, 
has been sold. Hie latter move 
cuts debt to almost nil, which 
means a saving in interest 
charges of around £400.000 a 
year. At 66p the shares are on 
a demanding p/e of 25 (fully 
taxed) while the yield is 10 per 
cent. 

Insurance 
Corporation 
of Ireland 

A higher final dividend has 
been proposed by the Insurance 
Corporation of Ireland for 1981. 
The effective net payment is 
8.135p, compared with 5.l67p, 
which raises the total from 
7.087p to an adjusled 1O.031P. 

Improved pre-tax profits of 
£8.33 m. compared with I£69m, 
were struck after associated 
losses of I£0.12m (iTO.lm) and a 
contribution to the staff pension 
fund of l£136m (I£1^7m). 


FothergiU 
& Harvey 
at £1.77m 

A RISE in second half taxable 
profits at FothergiU and Harvey 
from £731,000 to £1.03m was not 
quite enough to counter the fall 
in the first six months and the 
company finished the year to 
December 26, 1981 down at 
£1.77m compared with £1.82m. 
Turnover for the 12 months rose 
from £13.8m to £19.16m. 

Net earnings (adjusted for 
1981 rights issue) per 25p share 
of this manufacturer of fluoro- 
carbon based products, fibre 
reinforced composites and 
coated and uncoated industrial 
textile fabrics, fell from 13.12p 
to 10.02p, but the final dividend 
is being held at 5p net making 
a same- again total of 7.75p. 

The directors say the con- 
tinued recession and changes in 
the Government's defence pro- 
curement policies affected the 
. results. Turnover increased 
because of the 'acquisition of 
H. D. Symons and Company in 
April and FothergiU Com- 
posites Inc in August. 

Pre-tax profits were struck 
after depreciation of £580,000 
(£487,000) and interest receiv- 
able of £52.000 (£238,000 pay- 
able) following an improvement 
in the group’s cash position of 
approximately £l3m. Tax took 
£665,000 (£631,000). 

After minorities of £24.000 
(£19,000) and extraordinary’ 
credits of £115,000 (£210,000) 
attributable profits emerged at 
f 1.24m f£1.42m). Dividends 

absorb £954.000 (£648,000). 

The extraordinary credits 
comprised: the sale of know 
how of £250,000 and amounts no 
longer required following the 
re-instatement of production 
facilities at a subsidiary after 
a fire of £103,000, less reorgani- 
sation costs . of £226,000 and 
attributable tax of £12,000. 

. Current cost adjustments re- 
duced the taxable profits to 
£1.06m (£l.09ra). 

Associated 
Book makes 
headway 

WITH second half pretax profits 
advancing from £1.51m to 
£2.98m. Associated Book Publi- 
shers reports profits up frvn 
£l-71m to f4.08m for the whole 
of 1981. Turnover of this pub- 
lisher' and bookseller rose from 
£35.Slm to £42. 72m. 

The final dividend is almost 
doubled from 4.7p to 9p for a 
net total 5p higher at 12.5p. The 
group proposes to make a two- 
for-one scrip issue. 

: Kfr'.'Barry . Cardy. the finance 
director, says the improved 
figures were mainly a result of 
cost-saving measures initiated at 
the end of 1980 and carried 
through into 1981. He says there 
was an improved performance in 
UK book publishing and in 
general publishing. 

The weaker pound boosted the 
pre-tax total by around £400.000. 
and Mr Cardy says the group 
hopes operations in th«* U.S. will 
breakeven, or possibly even 
make a profit, in the current 
year. 

The year's trading profit 
improved from £1.9Sm to £4-25m. 
And a breakdo''/n of the figures 
shows: UK £2.54ra (£138m): 
Australia and New Zeal»nd 
£244.000 (£521,000); Canada 

£2.07rn (£1.14m): U.S. £238,000 
loss (£631.000 loss): associates 
£5,000 (same). Group administra- 
tion costa were £371,000 
(£344.000). 

The pre-tax figure was struck 
after interest eharees down from 
C268.000 to H *8.000. Tax took 
11.93m (£809,000) and minorities 
accounted for . £508,000 

(£307.000). 

Stated earn'ngs per 20n share 
climbed from 15.8p to 44.5p. 


The Expanded Metal 



Umover 

Group profit before tax 
■ and Bxlraorcfiriary Item . 
Tax charge (1980 credit) 
Extraordinary item 
Dividend pa - share 

Net assets per share 


MaSTJtesrftemdDwWands The Group profit-before 
- taxation of £T,1 68,000 represents an inadequate 
? return on capital emptoyed but ft 'reflects a larger 

* measure of recovery than tsH^catedWa^a^ 

* conroerison with.the equivalent figure 

£ •for isamfe is illustrated by the progressfonof half- 
yearly results, frt 1980, after a pre-tax profit of £Um 
l fn the first half, a loss of £ 50,000 was meuned in the 

s sacorid half when heavy destocking wastaking place 

I in tha industries served. In 1981 , the pre-rex profit m 

5the’ftsthrtfwas£376AX^Intheseax)dhrffItwas 

!£782jOOO. • , _ 

I AnhBrimdMdandaf2ppec^mtteonfr0ry 

’capital was paid -on .27th November 1981. The 
idtaaorenwrecomm ?lf*??? 0 f2££P er 

:ghare,mateTgatot^forth&yeaf of 45ppershar&^- 

\Wuifewtfefcy The dNWendcsi^ordlnay 
Mvsbeen maintained fc respectof 1980 and 1981 at 
*1heratecstabEshBdfc 1979 despite inadequate midn 
11981 neftfiptistant cover under hare*? accountng 
losses under cMmttoostconvantiora.^^ 
f. hsettfcgtfM ppfcy f the Bond was 

?lheatrengSoffoeBatenceSheetandihebe8BfthBtiri 

(.1982 ana 1983.earafcgs wS be restored to a more 

fThsdhg^The depressed level of demand evident 
) during the last quarter of 1980 continued dmfcg tne 
f first two months, of 1981. Thereafter a modretre- 
•covery took place which continued through re lata 
■Summer: fc the autumn demandfeH away aganana 

Vnthhardeningsteel priceseatingIrrtomargins,fiFthw 

. rectfon was necessary to btfcg down costs ana 

-^nafctafcmargfcsatanacceptabtelei^ ; ThisactionfeU 

'prinefcafiy upon Expanded Meta) (Mffl), tinman 


1981 

£000 

32316 

1,158 

(654J 

13031 

45p 

81£3P 


19BO 

£000 

32,466 

1/367 

508 

■ :4^ 

85.27p 


programme fcthe tong hataryi of thrt company. The 
required reduction of some 100 people was achieved 
by early retirements and the acceptance of vohsitary 
redundancy... , - 

The.cost of this jOTgremme, together with the cost 
ofehangesatsenior executive level and some rational- 
izatKXi of fadfities, led Tothe charge of £303,000 as an 
extraordinary item. This figure is net of tax and 
compares with the estimate in the anrxxncement of 
2nd February of £650,000 gross. 

Resources * At 31st December 1981. Group net bor- 
rowings totalled £2-2m. At 31st March 1982, these 
borrowfcgs had been eliminated. Under the impact of 
higher .prices for steel, the Group's principal raw 
material, and capital spending overandabovethefle- 
precatfon charge, there will be borrowings at various 
times during 1982. These should not beeifostantial 
and on tte basis of present poTcies borrowings at the 
end rfthe year shoiW be Wow the figure of £1 An. 
dueon31stMarch1983 astheffcalpaymantliomthe 
sale of WeatMkfiand Steel Stockholders Ltd. 
Outlook Trading in the first quarter of .1982 was 
abovethed^ressedtevelafthe same period of 1981”, 
as it needed to be, but as yet there is no tangible 
evidence of an improvement in generd demand. It Is 
however reasonable to expect somewhat better 
trading conditions in the United Kingdom during the 
second half of the year. In export markets, special 

effortwai be required re achieve the required progress. 

Overall, it is expected that the recovery evident 
during 1S81 wHl continue through 1982, albeit at a 
amBartymodestpace-ThB extent of this recovery wa 
depend fc considembte measure on the Group's 
succwsfccorttiL^reV^dovm^formsofcost, 
fcdudngwagw and salaries. 


This advertisement complies with the requirements of the 
Council of The Stock Exchange 

First National Securities (Holdings) p.I.c. 

(Incorporated in England, Registered No. 1582384) 

ISSUE OF £M86s000 12* PER CENT. CONVERTIBLE 
UNSECURED LOAN STOCK 1987 (“the Stock") 

First National Securities (Holdings) p.I.c. {''FNS(H)”) is a wholly-- 
owned subsidiary of First National Finance Corporation p.l.c. 
(••FNFC"). 

The Stock has been issued in exchange For the outstanding 74 per 
cent. Subordinated Convertible Unsecured Loan Stock 1982 of FNFC 
under a reorganisation whereby FNS(H) acquired the entire issued 
share capital of First National Securities Limited From FNFC. The 
Stock has been admitted to the Official List by the Council of The 
Stock Exchange. 

Full particulars of the Stock and details relating to FNS( H) are 
available in the Excel Statistical Service, copies of which may be 
obtained during usual business hours on any weekday {Saturdays 
and public holidays excepted) up to and including 22nd April, J982 
from: 

Kleinwort, Benson Limited Carr, Sebag A Co. 

20 Fenchureh Street Windsor House 

London EC3 39 King Street 

8th April. 1982 London EC2 


M. J. H. Nightingale & Co. Limited 


27/28 Lovat Lane London EC3R 8EB 


Telephone Q 1-621 1212 


P/E 


1981-82 
High Low 

Company 

Gross Yield 

Price Change div.(p) % 

Actual 

Fully 

ayed 

130 

10O 

Am. Bnt. ind. CULS... 

123 

T 1 

TOO 

7S 

— 

— 

75 

62 

Airepiung 

73 

— 

4 7 

6.4 

11.6 

16.0 

51 

33 

Armiuge ft Rhode* 

44 

— 

43 

9.8 

37 

8.3 

205 

187 

Berdon Hill 

199 

-4- 

9.7 

.4.9 

9.7 

11.8 

107 

100 

CCL lipe Cflnv. Pr*f.... 

108 

— 

16 7 

148 

— 

— 

id 

6T 

Deborah Sendee* 

61 


6.0 

9.8 

3.0 

5.7 

131 

97 

Frank Koraell 

125 


04 

5.1 

11 3 

23.1 

S3 

39 

Frederick Perker 

77 

+ 1 

64 

8.3 

3 9 

75 

78 

48. 

George Blarr 

54 


— 

— 

— 

— 

102 

93 

Ind. Prod non Ceiling* 

98 

— 

7.3 

7.B 

BS 

10.4 

109 

100 

Isle Conv. Praf 

108 



16.7 

14.5 

— 

— 

113 

94 

Jackson Group 

97 

+ 1 

7.0 

7.2 

3.1 

03 

130 

10B 

Jam« Burraugh 

115 


8 7 

7.6 

a.4 

10 B 

S' 4 

24? 


242 



313 

12 9 

34 

8.B 

M 

51 

Scrunon* “A” 

63 

— 

63 

9.4 

97 

90 

??2 

19B 

To«i*y & Cirtitie 

159 

— 

1Q.7 

6.7 

5.1 

9.5 

15 

10 

Twinloek Ord. 

Twniock 1$pc ULS 

13*7 




— 

— 

— 

BO 

86 

80 

— 

15 0 

188 

— 

— 

« 

2*» 

Untlock Holdings ..... 

25 


3.0 

12.0 

4 5 

76 

1Q3 

73 

Wiltar Alexander _... 

73 


6.* 

8.1 

fi.2 

9 2 

283 

212 

W. S. Ybiim 

230 

+ 1 

14.5 

6J 

G.D 

12.D 


Papermaking side gives 
boost to Portals profit 


FOR THE year 1981 pre-tax 
profits of Portals have risen 11 
per cent, from £12-03m to 
£l3.32m. The increase stems 
entirely from better figures in 
the papermaking division and a 
big reduction in unallocated 
costs net of interest received. 

The directors state that the 
advance in papermafcing profit 
by £lm to £7.5ra was reward for 
the big capital investment pro- 
gramme completed in IBM and 
for a major effort by manage- 
ment to improve the products. 

Earnings for the year are 
stated at 67.05p (54.1 Bp) basic 
and 6CL92p fully diluted, and 
the dividend is lifted from 
12.25p to 14p net with a final 
of 8-?5p. 

Total sales have risen by £7m 
to £133m, and within that 
exports from the UK moved up 
from £4Sm to £53m. 

In pa perm akin e the building 
of the new paper mill in 
Georgia U.S., has been a con- 
siderable effort and the group 
will be making paper there in 
the middle of 1982. 

In water . treatment and 
engineering, trading profit rose 


marginally from £5,3m to £5-4m. 
The water treatment companies 
produced a good result, almost 
entirely as a result of exports. 
Portals Engineering is the one 
major part of the group where 
the directors have been unable 
to counteract the effects, of the 
recession .on the results! 

After lax of fl.ISm t£2.l7m), 
minority credit £1,000 (debit 
£58,000), and extraordinary 
debits £51,000 (credits £2. 63m) 
the net attributable profit came 
out at £12.0Sm (£12. 4-1 in). Divi- 
dends absorb £2.5&n (£2.24m). 
CCA profit before tax was 
£10.S2m (£9.55m), and earnings 
53.31p (40.60p). 

.Net asset value per share is 
shown at 350p (276p). 

On prospects the directors 
report that the group is strong 
and healthy and is in much the 
same position as it was a year 
ago, viz. enough work has to be 
won abroad to make up for the 
loss of business in Britain. 

• comment 

Portals is awash with the stuff it 
helps to make — money. The group 


raised some £S.5m through a 
rights issue last year and still 

has most of it, plus some £2-£3m 
in uet cash balances. It aims to 
find a suitable acquisition in the 
U.S., something worth between 
£2m and £Sm. but has been un- 
successful ro dale. As a result, j 
considerable hunk of the 13M 
profits increase, is due to higher 
imeresi income, although Port.iS 
will not sa.v how much.’ The nnlv 
part of the business to shnu 3 
good advance m 19S1 was paner 
making. This area has been the 
subject of major capital invest- 
moot and profits from the min 
in Georgia should start to flow 
in 19S2. The advent of rhe so- 
called cashless society has 
to trouble Portals as the use of 
plastic cards has mu yet denied 
the volume of worldwide b.nL 
note transactions. Further, the 
group is clued into ihe hunt an* 
traveller® cheques business 
wlirich is also unhurt hv tiro 
elastic card explosion so far. 
The shares gained 14p yesterday 
to hit 520p where the increased 
dividend eives a yield of ju-i 
under 4 per cent. 


Provident 

mutual- 

outstanding 

giouith 

Extract from the Chairman's Statement- 
Mr David L. M. Robertson 


Investments 

Economic developments in 1081 
followed closely the treads 
foreshadowed in my Statement a 
year ago: activity reached a low point 
in the second quarter of the year hut 
there has been a progressive 
improvement since. The action: 
taken by industry to improve 
efficiency is beginning to show in 
increased productivity. Helped by 
an increase in production of North 
Sea oil and a fall in the exchange 
rate this has led to a good export 
performance. Consumer 
expenditure has been maintained . 
despite the squeeze on real income, 
by a fall in savings.Looking forward 
to 1982 there is good reason for 
confidence that the underlying 
economic improvement will 
continue with a further recovery in 
real economic activity and a further 
decline in inflation. On the other 
band there seems little prospect 
that the pace of improvement -will be 
sufficient to reduce the level of 
unemployment in 1982 and the 
Government appears determined to 
avoid a major injection of spending 
power into the economy to produce 
a short-term boost to employment 
forfearof wreckingtbe prospects of 
a long term reduction in the rate of 
inflation. 

Results 

TbtalFunds.under management are 
now in excess of £700m and the 
Association has continued its 
remarkable growth of the last 
decade. New annual premiums 
(including managed fund business) 
increased by 42.6 % to £38. 9m from 
£27.3m and single premiums to 
£34.0m from £11.4m. These results 
were noticeably better than the 
industry average of 37% and 67% for 
annual and single premiums 
respectively. Even so the industry 
figures show that the growth in new 
life assurance business in the UK 
exceeded therats of inflation in 1983. 

Market pressures . 

Competition for new business is 
very keen and there continues to be 
pressure to increase bonus rates 
and pay higher commission. It is a 
matter of concern for the industry 
that projected results based on 
current rates of bonus receive such 
prominence in the placing of new 
business. Bonus rates generally 
have now reached levels which can 
only be sustained for any length of 
time while total investment returns 
remain near their current high 
levels. The pattern of steadily 
increasing bonus rates seen over the 
past 35 years surely cannot continue 
indefinitely if inflation is brought 
under control and interest rates 
reduced. 


Pensions 

Pensions continue to be a political 
issue and during the past year a. 
great deal of press coverage has 
been given to the inadequate 
provision for the preservation of 
benefits for early leavers under 
occupational pension schemes-Tho 
Social Services Secretary in July 
encouraged employers and the 
insurance industry to protect early 
leavers or face legislation, stating 
that thepenalties imposed on early 
leavers with regard to their pension 
benefits were so severe that they 
inhibited the mobility of labour and 
contributed to the economic malaise 
of the country. In principle these 
comments have to be accepted but 
the remedy will cost money which, 
many employers cannot afford. The 
alternative is to reduce the benefits 
accruing to those who remain in 
employment in order to enhance the 
preserved benefits of early leavers. 

' Currently there is evidence that 
some smaller employers are 
becoming alarmed at the open- 
ended commitment on final salary 
schemes and there is a move 
towards money purchase 
arrangements which may go some 
way towards providing abetter deal 
for early leavers. 

Managed Pension Funds 
In 1981 funds under management 
have grown from £51.1m to £90.5m. 
The fund managers in the eight - 
years of the company’s existence 
have consistently achieved above 
average results. O verthe period ■ 
these results have produced an - 
excellent performance relative to 
our competitors, relative to market 
indices andindeed most importantly 
In the case of ihe Diversified Fund 
relative to inflatibn.'Without doubt 
this consistent investment record is 
behind the considerable growth of 
funds in 1981, 

Unit linked contracts 
Work is well advanced for the launch, 
of arange of unit linked contracts in 
the autumn of this year and we are 
confidant that the excellence of our 
investment team will make these 
products an attractive proposition 
to easting and prospective 
policyholders. 


Principal Consolidated Results 

1982 2980 


£nx £m 

Newannual premiums 38.9 27 J3 
New single premiums 34<Q 11.3 
Funds at year end 712 582 


PROVIDENT muium 

Provident Mutual life Assurance Association 
25-31MOargate,LondohEC2R 6BA Telephone 01-628 3232 . 


Pricn now available on PrestM neve 48148. 


1 r 

i • 



H.f-1 W MtA* M4 fiOlM IIRH 


24 


Companies and Markets 


Financial Times Thursday April. 8 1882 


INTERNATIONAL COMPANIES and FINANCE 


* • 


Getty Oil launches Eurodollar bond 


BY ALAN FRIEDMAN 

GETTY OIL is tfie latest U.S. 
corporate borrower to come to 
the Euromarket with an aggres- 
sively-priced 14 per cent coupon 
in the dollar sector. The com- 
pany is offering a SlOOm seven- 
year issue through CSFJ3. 

As with the recent Campbell 
Soup bonds, Getty is selling an 
image of quality rather than an 
attractive yield. The majority 
of investors are likely to be 

Swiss. 

The Getty paper, at a quota- 
tion of. say, 99, yields 14.10 per 
cent By contrast the 141 per 
cent U.S. Treasury bond matur- 
ing in 1989 yesterday yielded 
14.75 per cent at 100*. 

The reason why there is a 65 
basis points differential is 
partly that the name of Getty 
is attractive to Swiss investors 
ami partly that there is no with- 
holding tax. unlike the better 
yielding U.S. Government 
paper. 

One banker in Zurich com- 
mented last night: “This is the 


kind of name our people go 
for." 

American Express is in the 
Eurodollar market as well, with 
a 375m seven-year bond carry- 
ing a 14i per cent coupon. 
Proceeds* of the issue, led by 
Morgan Stanley, will go to 
financing Amex’s charge card 
business in Europe, fhe bonds 
are callable in the sixth, and 
seventh years at par. 

From Morgan Guaranty comes 
word that the SNCF floating 
rate note (FRN) plus warrant 
issue has been increased to 
5125m. At an ex-warrant price 
of 98 in the pre-market, the 
SNCF paper would provide an 
effective spread of around 30 to 
40 basis points over the London 
interbank offered rate (Libor). 
The FRNs have been priced ait 
three-month Libor. 

RCA’s offshoots Hertz and 
CTT do not appear to be the 
fastest-selling new Eurodollar 
issues around. Hertz, rated 
Single A-minus by Standard and 


Poor’s, was quoted last night 
at a discount of 14 to 12 per 
cent in pre-market trading. 

In the secondary market 
Eurodollar bond prices dosed 
marginally higher after a day 
of quiet trading. Zero coupon 
bonds ware 1 to i point lower 

The Euro D-mark bond sector 
experienced a healthy twoway 
trading ' business, but prices 
were generally unchanged on 
the day. Argentine bonds con- 
tinued to fail, around two 
potafts on average. The only 
exception was the Argentine 7} 
per cent 1989 paper, which 
recovered a point on the day. 

The Swiss franc foreign bond 
market gained i point on the 
day, but Swiss investors were 
more interested in dollar bonds 
than their own currency. The 
market remains buoyant, how- 
ever, with quality Swiss franc 
bond issues yielding around 6i 
per cent, a good 100 basis points 
lower than the rate a month ago. 

Although the new SwFr 80m 


Aucalsa bonds, at a coupon of 
72 per cent are not going as 
well as could be hoped, most 
other bonds are in good shape. 
Australia's recent SwFr 100m 
issue traded at 105i. 

The news from Tokyo is that 
the World Bank is launching 
a Y30bn 12-year Samurai bond 
through Daiwa Securities. The 
coupon will be 8 per cent at 
a price of 99.75 per cent to 
yield 8-04 per cent. This sam- 
urai bond — the term refers to 
domestic yen bonds issued by 
foreign borrowers— will be the 
World Bank's 15th issue on the 
Japanese capital market. 

In the Euroguilder bond mar- 
ket a FI 75m five-year issue 
has been launched for Bank 
Mees and Hope NV. The coupon 
win be 10 per cent and the price 
at par. Bank Mees en Hope 
and Algemene Bank Nederland 
will be lead-managers along 
with Amsterdam - Rotterdam 
Bank and Pierson Heldring and 
Pierson. 


First-quarter 
gain at Harris 
Bankcorp 

By Our Financial Staff 

A GAIN in net interest income 
resulting from a higher level 
of earnings assets has enabled 
Harris Bankcorp to boost first- 
quarter operating profits by 20 
per cent to SlOm or $1.52 a 
share from $827 or $1.21 a 
share in the corresponding 
1981 period. Securities losses, 
however, reduced the latest net 
to $7.99m or $121 a share, 
slightly below 1981's 3827m, 
also $121 a share. 

The company, which owns 
Harris Trust and Savings Bank, 
the third largest bank* in 
Chicago and about 26th biggest 
in the U.S., is the first banking 
group to report on its first 
quarter. 

Mr Charles M. Bliss, chair- 
man. said non-interest income 
advanced 33.9m or 18 per cent, 
primarily because of higher 
charge card fees and service 
charges on deposit accounts. 

The profits gain does not 
match that for the final 1981 
quarter which showed operating 
earnings up from $8.76m to 
S12.5m. Profits for all of 1981 
were ahead by 3400.000 at 
333.4m, or from $4.85 to 34.90 
a share. 

The company said it has 
increased its provision for loan 
losses by a third to 33m reflect- 
ing a higher level of loans out- 
standing and general economic 
conditions. 


Italtel and GTE technology pact 


BY JAMES BUXTON IN ROME 

ITALTEL, the Italian state 
telecommunications manufac- 
turer, yesterday signed a co- 
operation agreement with 
General Telephone and Electro- 
nics (GTE) of the U.S. for the 
design, production, and export 
of second-generation electronic 
telephone exchanges. 

The agreement is a key 
element in the restructuring of 
the Italian telecommunications 
industry and the modernisation 
of the Italian telephone system. 
It follows nearly a year's con- 
sideration by Italtel of co- 
operation either with GTE or 
with L. M. Ericsson^ the Swedish 


telecommunications concern. 

Italtel, which is part of the 
IRI state holding company, 
chose GTE over L. M. Ericsson 
because it considered that its 
technical ideas were more com- 
patible with those of GTE. It 
also believed it would obtain a 
greater share of foreign mar- 
kets in association with GTE 

The path of co-operation with 
the U.S. company is considered 
technically more challenging, 
however, and could take longer 
to produce results. 

GTE will contribute its own 
knowledge to the further de- 
velopment of the Protee small. 


and medium-sized exchange 
pioneered by Italtel. Some pro- 
totypes of the exchange are 
now functioning, and the main 
objective will be to create a 
national electronic switching 
system. 

The two companies will also 
set up a joint venture, with 
majority participation by Ital- 
tel , to sell the exchanges on 
the world market, excluding 
North America and other states 
where the American standard 
is used. The equipment will 
not compete directly in foreign 
markets with that offered by 
GTE. ■ • r.-: . 


Weeks to boost oil exploration 


BY OUR FINANCIAL STAFF 

EXPLORATION ACTIVITY will 
be at record levels this year at 
Weeks Petroleum, the inter- 
national oil and gas exploration 
and production company. 

The annual report discloses 
that there will be further drill- 
ing. in the U.S., where the 
group’s interests are repre- 
sented mainly by its 24 per cent 
stake in Ogle Resources. Wells 
are to be sunk in the offshore 
Californian properties acquired 
over rhe past two years. 

In fiscal 1981, Weeks pushed 
income ahead by S per cent 
from $11.5m or 22 cents a share 


to $12.3m or 23 cents a share 
before a special credit of 
318.4m. Oil and gas revenues 
edged forward from $2L6m to 
322.6m. 

Weeks chief assets are its 
royalty interest in Australia's 
Bass Straits oil and gas produc- 
ing area. But the group's U.S. 
interests, which have been 
assessed at $56.9m, will involve 
14 major drillings, equal to the ' 
number proposed outside the 
U.S. Last year, only one well 
was drilled in the U.S. 

The annual report also dis- 
closes that Weeks has explora- 


tion licences or concessions in 

10 countries including Colom- 
bia Turkey, the Netherlands 
Antilles and the Republic of 
Korea /Japan. 

Weeks share price on the 
London stock markets has been 
depressed by the general shake- 
out in energy issues as world 

011 prices have weakened. 

• But the relatively low level of 
Bass Strait producer prices pro- 
vides a substantial cushion for 
the shares. The low prices give 
opportunities for continued 
rises in income even if world 
prices give further ground. 


X-M0WEY MARKETS *F0REX-M0NEY 

No-one knows more 
about Pacific Basin currency 
dealingthanwe dot 


Bank of New South Wales- ‘ 
Australia’s largest banking group 
-has integrated the London 
business of The Commercial 
Bank of Australia Limited, which 
now forms part of the group, with 
its own London operations. From 
1st April 1982, all our business 
transactions in London will 
continue under the name of Bank 
of New South Wales. 

The merger of the banks 
in London has 
enabled us to 
enlarge our 
London 
Foreign 
Exchange and 
Money Market 
capabilities, ■ 



resulting in a special 
combination of experience, 
expertise and resources. 

Bank of New South Wales, 
London, is now dealing on a 
bigger scale and is able to handle 
even more deals than before. 
Active in all currencies, we are 
the major dealers in Pacific 
Basin currencies and provide a 
round-the-clock 
service from 
Wellington, 
Sydney, Hong 
Kong and 
Singapore to 
New York 
and San 
Francisco, as 
well as London. 


Telephone our London Dealing Room (01) 283 5321 
Teles 8956425 -Reuter Monitor page code:WSXD 
Reuters;directdealingcode: NSWL 

U# 


Bank of New South Wales 

(incorporated in Australia with limited liability) 

First Bank in Australia 

WaJbrook House 23 Walbrook London EC4N 8LD 


Sydney 

IVeffmgfon 

Hong Kong 

Singapore 

New York 

San Francisco 

Tel: 23.14404 

Tel: 724035 • 

- Tel:2t3236 

Tel:2232147 

Tel: 9499838 

Tel: 9864238 

Telex: 68001 

Telex: 30038 

Telex: 74935 

Telex: 26722 

Telex: 425679 

Telex:470609 


General 
Electric 
shows first 
quarter gain 

By Paul Betts in New York 

GENERAL ELECTRIC, the 
leading U.S. manufacturer of 
electrical goods, reported yes- 
terday a 5 per cent increase 
in first quarter earnings to 

3377m or $1.66 a share from 
3359m or $L57 a share in the 
same period last year. 

But first quarter sales 
were 1 per cent lower at 
S6J02bn compared with 
$6.09bn previously. 

Tbe company said that 
while several of Its businesses 
tied to construcCon and con- 
sumer durable goods markets 
were down, other interests in 
services and high technology 
performed strongly. 

GE*s major appliances, 
housewares, television and 
air conditioning businesses 
aU suffered from the 
depressed conditions in the 
consumer durables and con- 
struction markets. 

In contrast, services and high 
technology businesses did very 
well General Electric Credit 
Corporation reported an 89 
per cent Increase in earnings 
to 351m. Strong gains were 
also reported by (IE’s informa- 
tion and engineering services 
businesses. 

The company also said its 
core businesses, although 
operating in weak markets, 
benefited from increased pro- 
ductivity and new product 
introductions. 

Mr Jack Welch, chairman of 
GE, said the company antici- 
pates “ very little economic 
improvement in the second 
quarter.” 

MGM Film 
falls behind 
at halfway 

By Our New York Staff 

AFTER a strong first 
quarter, Metro-GoIdHyn-Mayer 
Film Company made a loss of 
$5m in its second period 
because attendance at its 
films during the Christmas 
season did not live up to ex- 
pectations. The loss compared 
with a profit of $3.6m or II 
cents a share in the same 
period last year. 

For the first six months of 
the current year, MGM Film 
has made a profit of 34,8m or 
10 cents a share, down from 
392m or 28 cents a share in 
the first half of last year. 

Mr Frank Rothman, the Los 
Angeles lawyer who was 
named chairman and chief 
executive last February, said 
box office receipts over 
Christmas were low, but he is 
“ very optimistic ” about 
MG M’s summer release sche- 
dule. 

MGM, which recently 
merged with United Artists, 
is heavily loaded with debt, 
and is still trying to finance 
the acquisition of UA for 
3380m. 

Mr Rothman also stated 
that the company Is consider- 
ing the incorporation' of its 
new division, MGM-UA Home 
Entertainment group into a 
separate entity and selling an 
equity interest in that entity 
The chairman also said that 
MGM Film is in the process 
of terminating a joint venture 
with CBS Inc., formed in June 
1980 to market video cassettes 
and discs for the home video 
market worldwide. 


Dillingham in 
Australian 
building deal 

By Our Financial Staff 

DILLINGHAM, the Honolulu- 
based construction and energy 
group, is to purchase via its 
Dillingham Overseas sub- 
sidiary 10 per cent of Jen- 
nings Industries. Jennings is 
seeking an option to acquire 
Dillingham's Australian con 
struct! on business. 

Dillingham said it baa pur- 
chased the Jennings shares 
on the open market and 
through a direct placement of 
4m shares by Jennings. 

Negotiations with Jennings, 
which are expected to he 
completed in the near future, 
involve issuing enough Dill- 
ingham Australian preferred 
shares to give Jennings oper- 
ating control of the company 

upon granting Jennings the 
option to acquire Dillingham's 
construction business. 


Phibro reveals 
Salomon profit 

. By Our New York Staff 

A CHINK of light was shed 
yesterday on one of Wan 
Street's closely guarded 
secrets: the earnings of 
Salomon Brothers, the large 
investment firm. 

In the final quarter of last 
year, the firm made $£0m on 
total revenues of $546m. 

The information was con- 
tained in the annual report 
of Phibro, the large com- 
modities trading firm which 
bought Salomon last year. As 
a private firm, Salomon was 
not required to publish its 
profits. But now that it is 
part of a publiely quoted 
company, details of its 
finances have to be reported 
to the shareholders and 
New York’s Securities and 
Exchange Commission. 


Volkswagen again forced 
to cut annual pay out 


BY JONATHAN CARR IN BONN 


VOLKSWAGEN, West 

Germany’s biggest car manufac- 
turer, has been forced to cut its 
dividend for The second time 
running — to DM 5 from DM S 
per share for 1981. 

In 1980 VW dropped its 
payout from DM 10 to DM 8, 
largely as a result of the major 
recession in West German and 
foreign motor markets. 

This time, the main reasons 
for the reduction are believed 
io be VWs losses in South 
Amenta and through its office 
eon foment subsidiary, Triumph 
Adler. 

Those to suffer from the com- 
pany’s latest dividend cut are 
the Federal Government and 
the state of Lower Saxon.'’, 
whiefi each hold 20 per cent of 
the capital, and about 500.000 
private shareholders, the total 


sum paid out will amount to 
DM 120m ($50m). 

VW gave only a bald 
announcement yesterday that 
the supervisory board had 
approved the new dividend pro- 
posal. It did not release an exact 
1981 profits figure for fina lsales 
figures. 

However, the nine-month 
figures showed a drop of 94 per 
cent in group aftertax profits 
to DM lSm (S6.22ra> compared 
with the same period of 19S0. 

In the second quarter of last 
year. VW registered a loss for 
the first time since 1975. but it. 
managed to break even in the 
third quarter. 

In a broad estimate of its 1981 
results made last year Volks- 
wagen AG, the parent company, 
said ft expected sales of VW 
and Audi models to be up by 


about 4 per cent to 2.09m units. 

. There had been a severe 
setback, . however,. In the 
operations of the Brasilian sub- 
si diary, VW do Brasil, whose 
sales were down by about 40 
per cent or by some 200,000 
vehicles. It was therefore likely 
that VW group as a whole would 
see world sales down by about 5 
per cent below the 1980 figure 
or 2.4m, 

.Apart from these difficulties, 
VW has had to carry, the tosses 
at Triumph Adler, which it 
bought in 1979-80 in an ill- 
starred diversification into the 
electronics sector. " 

The Triumph Adler derision 
was one factor which brought 
heavy criticism of Professor ! 
Friedrich Thomee, the VW , 
finance chief who stepped down 1 
last year. 


Norcen stalled in bid for Hanna 


BY RICHARD LAMBERT IN NEW YORK 


NORCEN Energy Resources 
appears to have been stalled in 
its 3171m bid to acquire control 
of Hanna Mining of Cleveland. 
Hanna has succeeded in getting 
a temporary court order ban- 
ning share purchases by 
Norcen, which is controlled by 
the Black Brothers of Toronto. 

Hanna, an iron ore and nickel 
producer with growing Interests 
in energy related businesses, is 
putt’mg up a violent battle to 
resist the advances of Norcen. 
which acquired an initial 8.8 
per cent shareholding last 
autumn. Norcen’s current offer, 
if - allowed to proceed, would 
stand ro give it just over 50 per 
cent of the votes. 

Norcen is reported to have 
offered Hanna late last week the 
choice between a friendly deal 
which would have given it 30 
per cent ownership, and an out- 


right tender offer. In the event, 
it was forced out into the open 
on Monday with its partial offer 
worth $45 a share. 

Hanna’s shares were trading 
yesterday morning at about 
$37 25, compared with under $28 
before bid speculation started to 
on-ounit at the end of last week. 

Hanna has alleged that the 
Blacks have neither the financial 
strength nor the management 
expertise to make a worthwhile 
contribution to the company. 

Hanna said: “ These investors 
have demonstrated repeatedly 
and convincingly over recent 
years that their first interest is 
in serving themselves and not 
the remaining public stock- 
holders." 

Hanna’s principal businesses 
are tied to the construction and 
motor industries, and it has 
been under pressure in the 


recent past. In 1981, its net 
earnings rose from $3&7ra to 
about $44ra, but only after non- 
recurring gains of over 310m. 
mainly from the sale of mineral 
properties. 

There has been some specula- 
tion that Norcen is mainly 
interested in Hanna's important 
mining interests in Canada. , 
Among other things, it owns 
some 27 per cent of The Iron « 
Ore Company, a producer of 
iron ore pellets in Labrador. 
But the Canadians are also ; 
thought to be interested hi 
building on Hanna's energy j 
businesses in the U.S. These 
include shareholdings In oil 
well servicing and contract 1 
drilling. 

Under the court order, 
Norcen is restrained from buy- 
ing shares until an April 15 
hearing un the suit. 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international bond issues for which an adequate secondary market , 
exists. For further details of these or other bands see the eomplete list of Eurobond prices which j 
will be published next on Thursday April 15. Closing prices on April 7 I 


so 

75 

so 

400 

225 

ISO 

100 

50 


U.S. DO UAR 

STRAIGHTS Issued 

An ho user- Busch 76 s * 88 100 
APS fin. Co. 17V 66 ... 

APS Fin. Co 16V 39 ... 

Armco O/S fin. 15% 86 

ATT 14% 89 

Baker Ini. Fin. 0.0 82. . 

Bank Montreal UP* 91 
Br. Colum. Hyd. 1BV 88 
Burrouqhs Ini. 154i 88... 

Canada ir 15V 87 ISO 

Can. Nat. Rail. 14% 91 100 
Carolina Power 16*2 89 GO 
Caterpillar fin. 164 88 10O 

CFMP 16% 96 100 

CIBC 16 87 100 

Citicorp O/S 16*4 86... ISO 
Citicorp O/S 15*3 97— 125 

CNA 15»i 97 7S 

Cons.- Bathurst 174 88 SO 
Con. Kfinoie 89 ... 100 
Dupont O/S 14*a 88 ... 400 
Dupont O/S Cap. 0.0 90 300 

EIB 15V 89 150 

Gen. Elec. Credit. 0.0 92 400 
Gen. Elec. Credit 0.0 S3 
GMAC O/S Fin. 16V 84 
GMAC O/S fin. 16 8S 
Gulf Oil Fin. 0.0 92 ... 

Int.-Am Du. Bk. UP* B7 
Japan Airlines 15V 88 
Japan Dev. Bk. 16 1 * 87 
NaL BK. Canada 16V 88 
Nat. West 14* 91 .. .. 

New Brunswick 16* 89 
New & Lab. Hy. 17*. 89 
Ohio Edison Fin. 17 1 , 83 

OKG 15V 97 SO 

Ontario Hyd. 16 91 (N} 200 
Pac. Gas & El. 15% 89 
J. C. Penney G1 0.0 94 
Quebec Hydro. 17V 91 
Quebec Pnov. 15V 89. . 

R J. flynlds. O/S 0.0 92 
Saskatchewan 16*4 88... 
Saskatchewan 16 89 ... 
Siatelaretag 15V 87 ... 

Sweden 14V 88 

Swed. Ex. Cred. 1«V 93 
Swed. En. Crrid. 15*4 89 
Swed. Ex. Cred. 0.0 94 
Texas Eastern 15V 88... 
Tranacanada 16 89 
Wells Fargo I. F. 15 87 
WMC Fm. 15V 88 ... 

World Bank 18V 88 ... 

World Bank 15V 88 


400 

300 

ISO 

.300 

55 

50 

50 

40 

100 

75 

75 

75 


90 

350 

150 

150 

400 

100 

125 

50 

160 

75 

100 

200 

75 

TOO 

75 

60 

TOO 

250 


Change on 

Bid Offer day week Yield 
102V 103V 0 +0V 15.69 
104V TO5 -OV 0 15.61 
102V 103 -OV+OV 15.53 
99V S9V +0V 4-OV 15-49 
100V 101 +OV 4- IV 14.06 
24V 25% -OV +0V 15.00 
1Q2V 102V “OV 0 15.65 
102V 103V 0 +0V 15.45 
101 101V 0 +1 15.40 
100V 100V +0V +0V 15-29 
97V 97V +OV +0V 15.09 
104 104V +0V +1V 15.42 
102V 1QZV +0V +0V 15-60 

101 101V 0 +0V 16.46 

101V 102V “OV +0V 15.41 
103V 10* 0 +0V 15.44 

100 100V 0 +0V 15.44 

98V 98V +0V 0 16.13 

101V 102V +OV +0V 16-88 
101 V TOIV -OV +0V IB-38 
99V 99V +0V +0V 14.57 
33V 34V -OV +0V 14.68 
99V 100V +0V+1 1552 
28V 26/, -OV +0V 14.36 
25 25V -OV +1V 13J51 

101V 101V 0 +0/, 15.66 
101V 101V 0 +0V 15-55 
26V 2»V 0 +0V 14,35 

98V 99V 0 —OV 15.31 

100V 101V -OV +0*, 14.91 

102 102V -OV +QV 14.78 

99 99V -OV -OV 17.35 

99V 39V 0 +0V 14.83 

101V 102V +0V +0V 15.76 
104V TO5V 0 +OV 16.03 
104V 105V -OV +0V 16.15 
96V 9BV 0 +QV 15.97 
103V 103V 0 +0V 15.25 
102V 102V +0V +0V 15.09 
20 20V -OV +0V 14.41 

106V 107 -OV +0V 16.77 
98V »9 -OV +0% 15.49 
24V 25V +0V +0V 15.14 
10BV 103V -OV +OV 15.46 
101V 102V -OV +0V 15.49 
99V 100 0 +0V 15.77 

95V 95V -OV +0V 15.61 

101 101V -OV +0V 18.20 

S8V 99V 0 +OV 15.51 

18V 20V 0 -OV 14.51 

102 102V 0 +0V 15.26 
100V 101V +0V ^OV 15.73 
100 100V 0 -OV 14.91 

97V 98V 0 +0V 15.96 
103V 104 0 +0V 15.47 

99V 100 +0V +0V 15.23 


Aue rage price changes... On day 0 on week +0V 

Change on 


102V 103V 0 +0V 8.87 

102V TO3V +0V +0V 8.82 
104V 105 -OV +1V 10.19 
100V 100V 0 +1V 10.45 

101 101V -OV +OV 8,70 
101V 101V -OV +0V 3-69 
103V 104 +0% +0/, 9.56 
102V 102V 0 +0V 9.41 

W1V 101V +OV +1 9.42 

104V 105V +0V -+0V 9.46 
101V 101V +0V +1 9.68 

101V 102V -OV +1V I8 60 
101V 102V 0 +OV 10.12 
100V 100V -OV +1V 10.92 
104V 105V +OV +0V 9J1 
104V 105V +OV +1V 8.85 
103V 104V +0V +0V 9.49 
101V 102V -OV +0V 9.32 
103V 104 +OV -HJV 9.53 
103V 104. -OV -OV 9-62 
101V 102 0 +0»? 9.62 

100V 100V -OV -OV 11.41 
104V 104V +OV +1V 9.26 


DEUTSCHE MARK 


STRAIGHTS 

Issued 

Australia 9V 91 

300 

Australia 9% 91 

200 

Belgolectric 11 91 

TOO 

Como. Tel Eso. 10V 92 

100 

Denmark 10 BB 

100 

Denmark 10% 92 

TOO 

EEC 10V 93 

100 

EEC 9\ 94 

200 

EIB 9% 88 

60 

Inter. American 10V 91 

TOO 

Ireland 10V 86 

100 

Mexico 11 88 

TOO 

Mr. 8k. Dnmk. JOV 91 

TOO 

Nacni. Financiers 11 90 

150 

Nat. Wut. 9V 92 

TOO 

New Zealand 9V 89 ... 

200 

OKB 10% 91 

150 

OKB 9V 88 

1E0 

Quebec 10V 92 

150 

Quebec Hydro 10V 91 .. 

150 

Tauemautobahn 9V 94 

50 

Venezuela 11V 91 

TOO 

World Bank 10 91 

250 

Average price changes. 0< 

SWISS FRANC 


STRAIGHTS 

tasuod 

Ansett Tranaooit 7V 92 

50 

Aslan Dev Bank 8 90 

80 

Australia 6V 93 

100 

Balqelaciric 7% 91 

80 

Bell Canada 7V 93 . 

100 

Bet. de Autopistas 8 90 

50 

Co-op. Denmark 8% 92 

25 

Denmark 7V 91 

TOO 

EIB 7V 92 

100 

Elet. de France 7 92 ... 

TOO 

ENEL 8 92 

44 

first City Fin. EV 92 ... 

26 

Japan Air Unas 7% 81 

100 

Manitoba 7 92 

100 

National Pwr. Co. 8 92 

30 

Nippon T. and T. 6% 92 

100 

OKB 7% 92 

100 

Ost. Donaukraft 7 92 ... 

100 

Ost. Postspar 7V 92 ... 

100 

Ounheo 7V 92 

100 

Snint-Eiionne 8% 91 .. 

20 t 

Soc. Lu*. da Cnt. 8% 92 

m 

TNT O/S Fin. 8 91 .. 

so 

Tranecanada Pine. 7 94 

100 

Unilever NV 7% 93 . . 

100 

World Bant- 8 91 

100 


7.02 

8.10 

7.07 

6.51 

7.81 

7.78 

7.11 


Average price Changes . On day +0V 


Change ort 
day week Yield 
+OV +1V 6-97 
+ 1 +2 
+0V +1V 
+0V +1V 
-ov -OV 
+1V+0V 
+OV +1V 
0 +0% 

0 40V 7.01 
40V +2V 6.58 
0 +CV. 7.76 
+0*, 40V 7.9T 
40V 40V 6.48 
40V 41V 6.15 
-OV 40V 7.61 
40V 40V 6.21 
0 40V 7.12 
-OV 40V 6.78 
0 +1 7.19 

0 40V 6.75 
+2V 0 7.5S 

40V +0V 7.36 
0 41 7.13 

+0V ,p ttV aso 
-OV -IV 6.69 
40V “OV 7.19 
on week 40V 

Change on 


YEN STRAIGHTS 

Issued 

Bid Offer day week Yield 

Asian Dev. Bk. 8V 91. 

15 

TOO'* 101V 

-ov +0V 

ft-13 

Ini.-Amcr. Dav 6V 91 

15 

101% 102V 

0 

-ov 

9.53 

Japan Airlines 7V 87 .. 

9 

97V 87V 

0 

-ov 

8.48 

New Zealand 8V 67 ... 

IS 

1C0V 101% 

0 

+3V 

8.09 

World Bank 8V 92 

20 

100 100V 

0 

0 

8.31 


Average price changes... On day 0 on waak 0 


OTHER 1 STRAIGHTS 
Montreal 17 89 CS .. . 
Nt. Bk. Can. 16V 88 CS 
Pancanadian 16V 68 CS 
Queb. Hydro 16V 89 CS 
Queb Urban 16V 86 CS 
To rtkim Cpn. 1GV8S CS 
Transalla 17 89 CS .... 
U. Bk. Nwy. 9V 30 EUA 
Algernon* Bk. 10V 88 FI 
Amies Group 12V 88 FI 
Amro Bank 12 86 FI 
Amro Bank 12 86 FI ... 

Pierson 10V 86 FI 

Rabobank 12 86 R 

OKB 14 86 FFr 

Solvay at C. 14V 86 FFr 

Acona 14 85 C 

Beneficial 14V 90 £ 

BNP 13V 81 £ 

C6CA 13V 88 £ 

fin. Ex. Cred. 13V 86 £ 
Gen. Elec. Co. 12V 89 £ 
Hiram Walker 14V 86 £ 
Privatbankan 14V 88 £ ■■ 
Reed (Nd) NV 16V 89 £ 
J. Rothschild 14V 90 £ 
Royal Trustee 14 88 £.. 
SDR Franca 15V 32 £... 
Swed. Ex. Cr. 13V 86 £ 
Eurofima 10V 87 LuxFr... 
EIB 9V 88 LuaFr 


Issued Bid Offer 
50 f102 102V 
tSSVTOOV 
. t8BV 99 
tsffVioov 
flOO' 101 
187V 38V 
189V 100 V 
90V 92 
101V 102 
104 104V 
105V 106V 
106V 10SV 
10OV 101V 
105V 106V 
91V BZV 
90V 91V 
83V 84V 
86 V 87V 
88 V 90», 
93V 94V 
94 95 

9ZV 93V 
36V 96V 
92 93 

99V 100V 
96V 97V 
95V 96V 
97V 38V 
96V HGV 
99V 100V 
94V 95V 


50 
' 86 
' 50' 
20 
26 
50 
18 
GO 
40 
75 
60 
50 
50 
400 
200 
20 
20 
IS 
20 
15 
BO 
25 
T2 
25 
12 
12 
30 
20 
500 
GOO 


Change on 
day weak YWd 
40V 40V 1MZ 
-OV 0 18.S2 

40V 40V 16.75 
O 0 1846 

•0 0 16.50 

0 -1 1743 

40V -OV 16-» 
0 -IV 11.18 
0 40V 9-68 
0 +0% 10.96 
0 40V 10.15 
0 40V 10-39 
40V 40V 8-95 
0 40V 10-1* 
-OV -OV 17.05 
40V -IV 18^7 
+0V -OV 16.31 
+0V -OV 17.15 
-ov — ov 15.90 
— OV — 1 15.04 
-4V -OV 15.70 
-OV -IV 14.23 
-OV -OV 1853 
40V 40V 1655 
-OV -OV 1659 
-OV -IV 1451 
0 -1VTS50 
-OV -OV 1559 
-OV -OV 15.11 
40V -OV 10.56 
-0»i -IV 1051 


FLOATING RATE 

NOTES Spread Bid Offer C.dta C.con C.yfd 

Bank ol Montreal 5V 81 OV 98V 98V 29/4 17.06 1751 

Bk of Tokyo 5V 91 (D] OV 98V 991, 10/6 13V 1358 

Bank Nova Scotia 5V 93 OV 89 99V 29/4 17.06 17.15 

BFCE 5V 88 OV 99V 99V 26/4 1654 17.« 

BFCE 5V 87 OV 99V 100 27/7 16V 16-29 

CCCE 5V 2002 OV S8V 98V 11/8 14.82 15.06 

Co-Ban Eurofin 5V SI... OV 98V 99 14/4 16.69 16.90 

Credit Agricole 5V 97... OV 89 99V 24/9 15. 44 15.55 

Credit Nat. 5V 94 *0V 98V 99 9/6 14.69 1457 

Denmark. Knadia. ol 92 OV 99 99V 25/8 16.44 1565 

Den Norska Cred BV 93 OV 97V 98V 4/6 13.56 1352 

Genfinance 5V 92. OV 99V 100 30/6 15V 16-6* 

GZB 5V 92 *OV 98V 99V 8/8- 14.94 15.07 

Ind. Sank Japan 5V 88 OV 99V 99V 9/5 1351 1358 

Uoyda Eurofin 5V 93 ... §OV 99 99V 29/4 17.13 1758 

LTCB Japan 5% 89 OV 99V 99V 16/7 . 1551 15.41 

M.dland Int. Fin. 9 91... OV 99% 99V 30/4 17.06 17.17 

Nat. West. Fm 5V 91... 50V 99V 99V 15/7 15.19 1528 

Nippon Credit 5V 90 -. OV 99V 99V 10/8 16.06 16.16 

Nordic Int. Fin. BV 91 ... OV 98V 99V 6/5 15% 1550 

Onshore Minina 5V 91 OV 98V 99V 2/6 13 13.13 

Pemex 6 B1 CP, t94V 95 8/4 17 1754 

PKbenken 5 91 OV 98V 99V 17/6 14V 1454 

Sanwa Int. Fin 5V 88... OV t99 99V 24/9 1551 15.43 

Scotland int. 5V 92 OV 98V 99 23/9 15V 1557 

Sec. Paciric 5V 91 OV 88V 99V 24/5 13V 13J8 

Sociate Generate BV 91 OV t99 99V 22/7 1EV 1557 

Socieie Generals 5V 95 OV 99V 9®V 1/9 15.31 15.41 

Standard Chart. 5V 91 OV 98V 99V 18/5 13.31 13-43 

Sumitomo Fin. 6V 88... OV 99V 99V 8/8 16 16.08 

Sweden 5V 89 OV 98V 99V 26/B 1551 15.«5 

Toronto Damin'n 5V 92 OV 99V 99V 11/8 16V 16-44 

Average price changes... On day D on week 0 

CONVERTIBLE Cnv. Cnv. Chg. 

BONDS date price Bid Offer day 

Ajinomoto 5V 96 7/81 933 83% 35% + 0 % 

Bow Valley Inv. 8 95 ... 4/81 23.12 97 98V 0 

Bridgestone Tire 5V 96 3/82 470 . 85V 87V +OV 

Canon |V 95 1/81 829 81% 827, +0% 

Daiwa &BCB. 5V 96 12/81 513.3 +S2V 647, +0% 

Fujitsu Fanuc 4V 96 10/81 6641 87V 89 -OV 

Furokawa Elac. 5% 96 . 7/81 300 89 90V +0V 

Hanson O/S fin. 9V 96 8/81 1.38 188 89 -3 

Hitachi Cable 5% 96 2/82 616 81V 83 -IV 

Hitachi Cred. Cpn. 5 96 7/81 1612 72% 74 +DV 

Honda Motor p, 37 3/82 841 74 75V +1 

Inchcape 8 95 2/81 4.55 t63 64V -O 1 , 

Kawasaki 5V 96 9/81 229 6SV 71V 0 

Marui 6 96 7/81846.4 92% 94 +2V. 

Minolta Camera 5 96 ...10*81 826.4 61 62% 0 

Minnrco 9V 47 5/e-» 8-T8 89 -OV 

Murata 5V 96 7/81 2168 58' 59V O 

NKK BV 36- 7/81 188 80V 82% .+0V 

N 1 noon Che mi. C 5 31...10'R1 gig 571, ggi, _gi, 

Nippon Electric 5V 97. 2/82 846 84 85V 0 

Orient Finance 5V 37 3/82 1205 ' 85% 87V +0V 

Sanyo- Electric 5 90. .. ..10/81 652 . 65 ' 66V 0 
Sumitomo Elec. 5V 97... 3/82577.3 82% 83V -OV 
Sumitomo Met. 5V 96. ..10/81 296.1 64% 66 -OV 

Swna Bk. Cpn. 6V 90..., 9/80 181 69% 71% 0 
Konishlraku 8 90 DM ... 2/82 585 88% 89% +0% 

Mitsubishi H. 6 68 DM 2/82 263 84% 95% -0% 


0.70 

65.61 

- 2.11 

888 

—0.38 

13.84 

-4.47 

-4.09 

0.13 

5J4 

6.95 

30.34 

3.77 

5.31 

30.3? 
9.M 
21 J* 
-13.97 
8.36 
7.66 
4J6 
10.63 
-0.07 
10.43 

12-31 

1J& 

11.20 


'No Information avaKoble^pipvIous.dsy's priea, . 

t Only One murker maker supplied e price. 
Straight Bonos: The yield Is the yield to redemption of the 
mid-price; the amount issued is in millions of currency 
un/ts except for Von bonds where it (a in billions. 
_ Change on week «Chang a over pries a weak M flier 
Floating Rata Notes; Denominated in dollm Unless other- 
wtw 'noirvari. Co noon ntrgwa is minimum C-drs^DoW 
next eoupon becomes effective. Spread* Margin abtra* 
six-month offered rate ft throa-month: $ above main 
« .j SI. dollars.. C.cpnwThe current coupon. 
C.yld- The rurrent yield. 

Canvnrtible Bonds; Denominated in dollars iinloss other- 
wise tndiratod. Chq day^Change on dny. Cnv. datu** 
First date for conversion into shore*. ■ Cnv! pnee* 
Nominal n mount of bond ‘per shore expressed .in 
currency of share at .mnvareion rata fixed at issue. 
Prom =■ Percentage premium of tho current effactivo P" cs 
« acquiring shares via the bond over the moat recenl 
Price of tho shares. 

O Tho financial Times Ud.. 1982. Reproduction In whole 
or in pan in any form not permitted widfout erfittwi 
consent, DeM supplied by DATA STREAM IrjtoinanonaV 


V 



financial Times Thursday “April 81982 


i. A 


Uns.eamtmcematt appears es a matter ef record oily. 


U.S. $100,000,000 

African Development Bank 

Certificate of Deposit Facility 1982-1989 



Merrill Lynch International Bank Limited 

The Sumitomo Trust and Banking Co., limited 

Managing Underwriters 

Merrill Lynch International Bank The Sumitomo Trust and Finance (ILK.) 

Limited limited 

Algemene Bank Nederland N.V. ’ LTCB International Limited 

Standard Chartered Merchant B ank 
Limited 

Bank of China 


Nippon Credit International (HK) 
Limited 


London & Continental Bankers Limited 


Merrill Lynch International Bank Limited 


February 2982 


Agent Bank 

The Sumitomo Trust and Banking Co., limited 



ThmsAHa Utilities CZorpotation 

(fomaafy Calgary Power Lid.) 


Can. $50,000,000 


Krst Mortgage Bonds, 17% Series due 1989 


Merrill Lynch International Sc Co. 


Algemene Bank Nederland N.V. 
Bank Brussel Lambert N.V. 
Banque de Paris et des Pays-Bas 
Credit Commercial de France 
Krediethank International Group 
Orion Royal Bank limited 


Amro International limited 

Banque Internationale a Luxembourg SA 

Continental Illinois Limit ed 

Dominion Securities Ames Limited 

Nomura International limited 

Soriete Generate de Banque SA. 

Swiss Bank Corporation International 
Limited 


TransAlta Ut2mes Corporarion (formerly Calgary Power Ltd.) operates die largest investor-owned electric 
utility- m Canada. It has served die Province of Alberta since 1911 and provides about 70% of its electric 
.energy requirements. Ele c tri c energy requirements in Alberta have doubled in the past eight years reflecting 
the continuing strong economic growth and demand for the Province’s natural resources. 


February 2982 


a amnaumm appears us a mater cf record oafy. 


U.S. $75,000,000 


Pennzoil Overseas Finance N.V. 


{ Incorporated mtb Bunted liability in the Netherlands Antilles) 


151% Guaranteed Debentures due April 1, 1990 


Unconditionally Guaranteed by 

PENNZOIL 


Merrill Lynch International Sc Co. 

Amro International limited Bank Brussel Lambert N.V. 

Basque Nationale de Paris County Bank limited 

Kldnwort, Benson Limited Lazard Frfcres & Co. 

Morgan Guaranty Ltd Uzuon Bank of Switzerland (Securities) Limited 

Westdeutscbe Landcsbank Yamaidu International (Europe) Limited 

Girozentrale 


Aigaoae Bad; Nedafandl N.V. 


BankBrGe mamcg tBdafe 

ii Bm h y 


Band dd Cott»rda Jafru B*ar ImauariuuJ Iiagni 

Rtfnlc T m Tnt^ w Mw wl T ^ fenfc ttHm k&nJ flinira \f An J.fug $ .A. 

■a^ H. i I-Mwahaarg SA. Baoqae dc Neoflse, Sdjfcwjhorfcst, M*U« Banque de P<nw« de s PSys-B t* 

Baqiw de Saitidpatioos et de Placements SJL Bmqoe Puree de Gsdon Knancm BuqnPknfe.SA. Banqwde Rhone ndekTamieSA. 


BanLOtsrarifieri 1m, Bangencr 
(OotcbJ liwmd 


Bsyerijdrf Hyr grittfan-. and W eAri- Bank 


rittmaA Bank ImmataQiial Gipnp 


presdnerBank 
ii b II* 


Bear, Sasuns St Co. 

OBC Iin aad ■ QaSDuBklvbndi 

Efeembaut-Warfms 


Myth Banna P ajneWcbbar 


CrcdaLjowns 


CibborSCs, 
CreSt da Nod 


Gefiai 

(CeatnB) Crop 
Goldman Sachs I mruuiinn aJ Carp. 


GaaueasAtid^ieTanaSbukAQ 

fiesa 

cr . i.| r .. VM HndjrosBant 


HandcUawkN.W. (Otcxecm) Ha wribe l m d w ba^ Bfe Beabodr T m riiurarn d tazard Brother* & Cem, Lamed 

Wl^r y T«A LTCB In tem ad ocal Limited* Minufa a ure a Haw l ame d Shrek, gadtS Co. 

- la s .. j Ja; £. A_ Sanod Mosagn & Co. Lwmn*I JC«S»= Gren&dl St Co. Limbs! I &aAnda C c e dhhafc WV 

■K L - tm r nniLAtnV Mottfic Bank PLC SaL Qppahmajt. St Ge. Pierwn, Hddrmgfc KwjonNLV. Sfciiyfinflwd o Rn fc jl ja Baokan 

Sank Banev. Hans Dpfiam & Co. SodfcSGfafab Soatt&qu&aKdeBaqac S paAa nkanwIl apk 

hmquBiiJ 

^iiinViiTTim f .UA-"i— The Tnfoo Robe Bank CLmrmbcmrs) S-A. Vt&md Sh wannk t Kanrnnuffrtn hea 

Vcraa-nadWea&aflk M.M. Wiihag *w d — i bVaatCo. S. G. Wnhorg Be Co. U& Wood Goody Lhancd 


April 1982 


t*. ■ 


25 




Tins assmteasneat appears as a nutter of record only. 



Kansas City Power & Light Company 
U.S. $100,000,000 

Revolving Loan Facility 


Merrill Lynch International Bank Limited 


Provided by 


Banque de Paris et des Pays-Bas 

Credit Lyonnais Chicago Branch 
Lloyds Bank International Limited 
Merrill Lynch International Bank Limited 
The Bank of New York 

The Bank of Nova Scotia International (Curacao) N.V. 
The Bank of Tokyo Trust Company 
DaHchi Kangyo Bank Nederland N.V. 

Bank of British Columbia San Frandsco Agency 
Bank of Ireland Cayman Island Brandt 
County Bank limited 
Svenska Handelsbanken SA 
The Fuji Bank and Trust Company 
Genossenschaftlidxe Zentralbank AG, Vienna 
International Energy Bank Limited 
The Riggs National Bank of Washington, DC 


March 2982 




Can. $50,000,000 


HYDRO-QUEBEC 

(An agent of the Crown m tight tf the Province de Quebec) 


16%% Debentures, Series ET, Due March 15, 1989 

Unconditionally guaranteed by 

PROVINCE DE QUEBEC 


Merrill Lynch International Sc Co. 

Algemene Bank Nederland N.V. Amro International Limited 

Bank Brussel Lambert N.V. Banque Generale du Luxembourg SA 

Banque Internationale a Luxembourg SA. Continental Illinois Limited 

Credit Lyonnais . Credit Suisse First Boston Limited 

Krediethank International Group Levesque, Beaubien Inc. 

Sodete Generale Soriete Generale de Banque SA. 

Swiss Bank Corporation International Limited S. G. Warburg & Co. Ltd. 

Wood Gundy Limited 



This announcement appears as a matter of record only. 


j NIPSCQ : 


Northern Indiana Public Service Company 


U.S. $150,000,000 

Revolving Credit Facility 


Merrill Lynch International Bank Limited 


Algemene Bank Nederland N.V. 


Allied Irish Banks Limited Banco Central S A 

Nnr y«d( Brack New Ynrt Bnndi 

Bazik Brussels Lambert (U. K.) Limited Bank of Canton of California Bank of Ireland 


Bank of Montreal Group 


The Bank of Nova Scotia International (Curacao) N.V. 


The Batik of Tokyo Trust Company 
Commerzbank AG C redit 

The Industrial Bank of Japan Trust Company 
Merrill Lynch Ituemarimtal RawV Limited 
The Royal B ank of Scotiandplc 
Svenska Handelsbanken SA 

Agent Bank 


Banque de Paris et des Pays-Bas 
The Fuji Bank and Trust Company 
International Westminster Bank PLC 
Privatba u kep A/S, Grand Cayman B nawh 
Soriete Gen&ale^ U.&A 


Swiss Bank Corporation 

Qiiaigo Brack 


Merrill Lynch International Bank Limited 


April 2982 







I BHW HmIH 'fnSNh rt"rf H u-H Hu 


Financial Times Thursday April fc 1082 


^wapaife- atfd: Markets 


INTERNATIONAL COMPANIES and FINANCE 


by tougher competition 


£ :• Br JONATHAN CARR IN BONN 


Statsforetag 
hit by 
currency 
losses 


Deutsche Bank outstrips its rivals 


BY STEWART FLEMING IN FRANKFURT 


.v PAY^R: one of West Germany’s 
bi£ three chemicals concerns, 
:*J-sa.w grifcip pre-tax profits- drop 
by 10.3 per cent to DM 1.4bn 
in 1981 ($581m) despite a rise 
in turnover. 

World sales last year were 
worth' -DM 33.7bn, a rise of 
17.1 per cent after an increase 
of 10.9 pen* cent in 1980. 

However,. Bayer stressed that 
tougher -competition in key 
markets has meant the group 
could not wholly pass on 
increased raw materials, energy’ 
and personnel coses in higher 
prices. 

Rival concern, Hoechst made 


a sira Hat. point Iast'monih when 
it announced a 20.7 per cent 
drop in pre-tax" profits ’to 
DM 718m. 

At first sight the Bayer parent 
company, Bayer AG, has pro- 
duced a markedly better 
balanced performance than the 
group as a whole, increasing its 
pre-tax profit by 4.1 per cent 
to DM 857m on sales up by 11.9 
per cent to DM 13£bn. 

. However, part of this profits 
increase is due to a premature 
release— for rax reasons— of 
DM 7S.5ra which had previously 
been set aside in special 
reserves. 


The parent company figures 
show that the main boost to 
sales ca The from foreign demand. 
While domestic turnover rose 
by 6.3 per cent to DM 4-8bn, 
exports were up by 25.3 per 
cent to DM 8-5bn. The export 
share of parent company sales 
thus rose to 64.1 per cent from 
62^ per cent in 1980. 

Bayer notes that group fixed 
asset investment last year 
totalled DM 2.5bn and that a 
further DM 2.1 bn is earmarked 
for 1982. Parent company 
investment totalled DM 904m, 
and will be about DM 800m 
this year. 


By William Du/iforce in 
Stockholm 


UBS reduces 
shareholding 
in Kaufhof 


Asuag increases turnover 
but plans more job cuts 


By Qiir.Zurirh Correspondent 

UNION BANK of Switzerland 
has reduced to 24 per cent its 
shareholding in Kaufhof. the 
Geramn retail concern based in 
Cologne. The Zurich bank has 
sold a 2.3 per cent share packet 
"if acquired last May. 

This brmgs : -the UBS stake 
back lo the original sharehold-. 
ins bought from Dresdner 
Bank earlier last year. A 
further 24 per cent was then 
sold by Dresdner Bank to 
Metro International, a Swiss 
holding company based in Zug 
in which UBS itself has a 10 
per cent stake. 

The Swiss bank now no 
longer holds the controlling 
minority of over 25 per cent. 


BY JOHN WfCKS IN ZURICH 


ALLGEMEINE Schweizerische 
Uhrenindustrie (Asuag), 

Switzerland's leading watch- 
maker, -is to cut 1,300 jobs this 
year in addition to the 360 
already announced. Last year 
Asuag cut its Swiss labour 
force by 788, or about 6 per 
cent. 

Consolidated turnover rose 
by 6.1 per cent last year to 
SwFr 1.41 bn ($721m), it said 
in a letter, to ; shareholders. 
However; group ‘sales suffered 
a setback in the second half 
because of a substantial drop 
in the- watch components field. 
The full year increase was due 
almost entirely to a 17.8 per 


cent rise to SwFr 653.4m hi 
the sale of finished watches. 

Turnover of the watch com- 
ponents subsidiary Ebauches 
dropped by -1.4 per cent to 
SwFr 559.5m and that of 
Fabriques - - B’Assortitnen ts 
Reunies and Nivarox (both 
regulating parts} and Pierres 
Holding (jewels) fell by a 
total of 6.7 per crot to SwFr 
139.9m. 

The group's financial situa.- 
tion has been “very negatively 
influenced" by the sharp 
decline in the business of 
Ebauches, Fabriques D’Assorti- 
ments Reunies and Pierres 
Holding, the board said. 1 


STATSFORETAG, the Swedish 
state bolding group, has re- 
ported a pre-tax loss of SKr 
578m ($98m), for 1981, com- 
pared with profits of SKr 261m 
in 1980. The net loss W3S 
SKr 851m against profits of 
SKr 124m. Group sales climbed 
by 10 per cent to SKr 15.4bn. 

Of the loss- of SKr 578ra 
after financial charges SKr 
513m is attributed to currency 
exchange losses. 

Special state finance of 
SKr 3.2bn for loss-making com- 
panies was offset by SKr 4.2bn 
in extraordinary charges. 

The group, which operates 
some 30 mainly industrial con- 
cerns, has just acquired a new 
managing director. Mr Karl 
Aaman, and a new chairman 
after a clash between the 
board and Industry Minister. 
Mr Nils Aasling. The board 
refused to carry out Mr Aasl- 
ing’s plan to break up the 
group and deprive it of the 
money-making companies. 

StatsfBretag’s operations and 
finances are being studied by 
a committee appointed by the 
Minister and headed by his 
under-secretary. Mr Robert 
Nilsson, who is also the new 
chs-irman. 

Group companies run on a 
normal commercial basis saw a 
1980 pre-tax profit of SKr 447m 
turn into a loss of SKr 130m on 
turnover of SKr 12.1bn. 

Companies operated under 
special arrangements with the 
Government showed a. pre-tax 
loss of SKr 252m. 


DEUTSCHE BANK, West Ger- 
many's largest commercial bank, 
has underlined its leadership of 
the German banking industry 
and reinforced the foundations 
for future expansion with a 
surge in profits for 1SS1 un- 
matched by any of its domestic 
rivals. 

The bank, which increased 
consolidated assets last year by 
10 per cent to DM 186bn 
($SL3bn), has made light work 
of what many bankers judge to 
have been, until October, the 
most difficult banking year in 
post-war German history, push- 
ing up after tax income of the 
German parent bank by 19 per 
cent to DM 242m. 

The earnings figure, however, 
is only a part of the story. Be- 
fore striking income ' for tbe 
parent bank the company has 
increased published reserves 
against possible loan losses by 
DM 373m to DM 915m. 

The figures contrast sharply 
with those of its biggest rivals. 
Dresdner Bank last week an- 
nounced a 16 per cent fall in net 
profits. For the second consecu- 
tive year it announced a cut in 

dividend. Commerzbank, also 


for the second consecutive year, 
did not pay a dividend for 2981 
and the parent bank was again 
unable to report a profit. 

All three big banks have been 
improving the profitability of 


been much less burdened by in- 
terest rale and funding mis- 
judgements of the past and has 
thus been able to make fuller 
use of die opportunities pre- 
sented by falling interest rales 


GERMAN BANKS IN 1981 


Parent's 

Group assets net income 
DM bn DMm 


Change 

% 


Dividend Previous 
DM dividend 


Deutsche 

Dresdner* 

Commerzbank 


Bayerisdie 

Vereinsbanfc 


Bayerische 

Hypo 

* Business volume. 


their lending in a period of 
falling interest rates in tbe past 
six months. Interest margins 
have been widening and bond 
trading profits replacing tbe 
write downs on fixed interest 
securities which hit 1980 earn- 


ings. 

Deutsche Bank, however, has 


and its own position as market 
leader. 

Commenting on the heavy 
published provisions it is put- 
ting aside against potential loan 
losses, Deutsche Bank says that 
both increased international 
country lending risks as well as 
the cyclical and structural diffi- 


culties in the domestic economy 
where German banks arc srang 
a record surge in bankruptcies 
make increased . . reserves 
urgently necessary. 

Deutsche Bank says the 5.4 
per cent increase in its parent 
company lending volume last 
year was the lowest In over a 
decade. Of the increase in its 
interest earnings of one-fifth, 
around two-thirds came from 
wider . interest margins, 
Deutsche Bank in particular, 
with a big volume of relatively 
low interest savings ac counts , 
has been able to> take maximum 
advantage of a ported of record 
high lending rates. 

Commission earnings were 11 
per cent higher at DM 986m. 
Helped by a only modest In- 
crease in costs, operating earn- 
ings, including dealing profits, 
rose by 31.3 percent, compared 
with 24.6 per cent in 1980, a 
slightly faster rise than in the 
parent company. 

A DM 542m increase in pro- 
vision* and an 11 per cent rise 
in the tax charge has resulted 
in a 10 per cent decline in net 
income to DM 412m. 


Bankunion rescue plan approved! Kvaemer 


BY ROBERT GRAHAM IN MADRID 


pays more 


UJERELOHAVE . : 

N.Y Beleggiagsmaatediflppq Wereldhave 


INDOSUEZ 


Shareholders' Meeting 

NOTICE IS GIVEN that the Annual General Meeting-of Shareholders 

of the Company will be held at the Bel Air Hotel. 30-Jahan de Wifflaan, 

Tha Hague, The Netherlands at lLQO am. on Wednesday, ApnL 28, 19S2. 

AGENDA 

L Report of the Board of Management. 

2. Annual Accounts IbrlS8L 

3. Approval of the proposeddivideiid per share of DfLZOO in cash ' ; 
together with 31-3^ as a tax-fiee bonus issue to be charged to the 
share premium reserve. 

4. Appointment cf Members of the Supervisory Board In accordance 
with article VI. section 2 of die articlesof association the following 

. directors are to retire by rotation: 

P A. B laiss e 
Th.C.MAElsenburg 


The Board of Directors of BANQUE DE L'INDOCHINE 
ET DE SUEZ - INDOSUEZ - at its March 25th 1982 
meeting, dosed the books for 1S8T which showed net profits 
of FRF 1 57.223.981 A2 against FRF 122,667^60.09 for the 
previous year, an increase of 28 X. 


The Board of Directors will propose to die General 
Meeting of the Shareholders, summoned for May 27th 1 982, 
-to distribute a dividend of FRF 114^88^0320 which repre- 
sents an increase of 25 % in comparison With last year's 
dividend and to allocate FRF 40 million to general reserves. 


RJ. Vinton 

Mr. Blaisse is Ml eligible for re-election due talus having reached 
the statutorily-fixed age limit. 

Mesrs. ELenburg and Vinton are eligible for reflection..,. _ __ 
The meeting of priority shareholders proposes the appointment of- “ 


As at December 31st 1981, the main financial figures 
for the Bank are the following : 

. total shareholder's equity 1.5 billion 

. total invested capital 3.5 billion ' 

.total assets 113 billion 

. total assets and contingent liabilities . 150 billion 


Th. C M. A Elsenbuxg or, iThe is not elected, J. A E. Koning: 

E J. Vinton or, il he is not elected, F- C. Kunen and the appointment 
0IH.O.GR. Rudmg or, if he is net elected, K. E J. de Vifesras a 
member of the Supervisory Board to fill the vacancy arising oa 
the retrial of R A. Blaisse. " 

The Supervisory Board intends to elect J.H. Christiaanse as its 
• Chairman- The relevant personalia as understood under article 142; 
section 3 of Book Hof the Dutch Civil Code axe available for 
inspection at the company^ offices. 

5. Questions before closure of the meeting. 

Shareholders 5 Rights 

Shareholders who wish lo attend the meeting have to deposit their 
shares or deposit receipts from a member of the Vereruging voor de 
Effectenhandel fAssonation of Members of the Amsterdam Stock 
Exchange') on or before April 23, 1982 at the office of the company, 

23 Nassaulaan. The Hague or at the offices of Pierson, Heldnng f« 
Pierson N.V. AJgemene Bank Nederland N.V, Amsterdam-Botterdam 
Ban): N.V, N.V. Slaven burgs Bank.. Nederlandsche Middenstandsbank 
N.V. or Bank Mees d Hope N V. in Amsterdam Rotterdam or The Hague- 
or at the offices of Morgan Grenfell & Co. Limned. New Issue 
Department, 21 Austin Friais. London EC2N ^HB, where arrangements 
may also be made for vot mg by proxy. 

Annual Report X981 

Copies of the Annual Report (in English) may be obtained in the 
United. Kingdom from Morgan Grenfell & Co. Ltd, New issue 
Department, 21 Austin Fnars. London EON 2HB or from Hoaie Gbvett 
Limited, Heron House, 3i9/335High Holbein, London WCl 7PB; cri or 
after Apnl 8. By order of the Supervisory Board 

The Hague. 

April 3, 1982 


YONTOBEL EUROBOND INDICES 
14.5.76 = 100% 


PRICE INDEX 
DM Bonds 
HFl Sand:. £ Wolns 
U f . S 5irt. Gouda 
C.nv Dollar Bond* 


6 4 82 30.3.82 
94.66 94.06 


AVERAGE YIELD 6 4.82 
DM Bnn(ts 9 319 

HFL Banda a Solas 10.246 
U.S. S Strt. Bonds 14.238 
Can. Dollar Bonds 15.278 


6 4.82 30.3 82 
9 319 9 42* 


10.246 10.220 

14.238 14.168 


Moreover, the Board of Directors has approved the new 
organization oftfae departments aftbe Bank. 


Now, eight departments a fa responsible for then ctivlties^ 
of BANQUE INDOSUEZ : ' ' 


1) The following three departments are responsible for the 
Bank's customers 

»the international Department, managed by Mr, Alafn 
FELIX, Executive Vice' President 

• the Domestic Corporate Banking Department, managed 
by MrYvesTUAL. Executive Vice President 

. the Investors Department, managed by Mr Bruno 
GEORGES -P1COT, Senior Vice President 


21 The following three departments are responsible for 
‘ creating, managing and developing customer products ; 


the Leasing and Real Estate Department, managed by 
Mr Gerard BiLLAUD, Executive Vice President 


the Foreign Exchange and Money Market Department, 
managed by Mr Jean-Frangois LEPETIT, Senior Vice 
President 


the Co r p o rate Finance Department, managed by 
Mr Francois ROBERT- GO RSSE, Executive Vice 
President 


3) Two Service Departments are responsible for the 
day-to-day running of the Bank : 


the Bank Investment Portfolio Department, managed 
by Mr Jacques THIELLAND, Senior Vice President 


the Administration Department managed by Mr Georges 
MAZAUD, Executive Vice President, who is in charge 
of Human Relations 


All these Bonds having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


March 1982 


OSTERREICHESCHE POSTSPARKASSE 


Vi enna 


Swiss Francs 100,000,000 
1Yi% Swiss. Franc Bearer Bonds 1982-88 : 92 
■with the legal guarantee of the Republic of Austria 


Kredietbank (Suisse) S.A. Nordfinanz-Bank Zurich 

Clariden Bank Lloyds Bank International Ltd. 


. Armand yon Ernst & Cie AG 
Banco di Roma per la Svizzera 
Bank und Finanz-Institut AG 
Banque de llndochine et de Suez, soccmsaiesdeSuisse 
Banque Morgan Grenfell en Suisse S.A. 

Caisse d’Epargne du Valais 


CIAL, Credit Industriel d’Alsace et de Lorraine 
Fuji Bank (Schweiz) AG 
Gewerbebank Baden 

Hypothekar- und Handelsbank Winterthur 
Maerki, Baumann & Co. AG 
Sparkasse Schwyz 




THE SPANISH banking authori- 
ties have approved the purchase 
by Banco Hispano Americano 
I of 48 per cent of Bankunion, a 
j move which resolves one of tbe 
more delicate situations arising 
out of Spain’s four-year-old 
banking crisis. 

With deposits of Pta 133bn 
$l-3bn), Bankunion is Spain's 
, thirteenth largest bank and the 
second biggest industrial bank. 
Its collapse would have bad 
repercussions well beyond the 
banking sector. The refloating 
operation is costing over $400m. 

Tbe banking authorities are 
confident, however, that net 
losses to the banking system 
resulting from the rescue opera- 
tion witl be much less than 
those thrown up by last year’s 
failure of Banco Occidental, 
which were estimated at about 
$120 to $150m. 

Hispano will acquire the 
Bankunion shares for Pta lBbn 
which wSl give effective control 
to Hispano which will bring in 
a new managerial team. Hispano 
will assume the bulk of Bank- 


union's 120 industrial holdings, 
including a 40 per cent stake in 
a company building the $440m 
Buenos Aires-La Plata motor- 


way. 

Bankunion’s last published 
balance sheet (for T980), 
valued its portfolio at Pta 23bn. 
By far tbe largest investment 
was in Acesa. the Catalan toll 
motorway linking Barcelona 
with the French border. This 
represented almost 50 per cent 
of all Bankunion’s investments. 


The Acesa stake has now been 
valued at Pta 14bn and an 
indirect shareholding at a 
further Pta 9 bn. These will pass 
to the deposit guarantee fund. 
Some Pta 5bn-«orth of Bank- 
union real estate will also pass 
to the fund plus some Pta 10bn 
of credits. In return, the fund 
is providing liquidity worth 
Pta 38bn to Hispano to refloat 
Bankunion. 

Bankunion’s problems have 
been similar to the other 
industrial banks in Spain, which 
have found themselves with 
major investments in troubled 


industries. 7n Bankunion’s case, 
this was compounded by a 
portfolio too heavily involved 
in one investment (motorways) 
and losses run-up by a commer- 
cial subsidiary, Ahorrobank. 

Over the past three years 
Bankunion attempted to head 
off these problems by diversify- 
ing into traditional commercial 
banking. In the past two years 
it has opened 44 new branches, 
a move that has proved costly. 

The bank has been known to 
be in difficulties for well over 
a year, and for almost six 
months now the Deposit 
Guarantee Fund has been in 
close contact with the bank. 


By Fay Gj «»r in W» 


Four of the big seven banks— 
Bilbao. Centra, Hispano, and 
Vizcaya— were invited to tender 
for shares in Bankunion. The 
attraction in all instances was 
Bankunion's branch network, 
especially strong in Catalonia. 
This is the first major takeover 
by Hispano since 1977 when it 
acquired Mercantil de Tar- 
ragona. The Hispano group has 
deposits of over Pta l,100bn. 


THE NORWEGIAN Kvaemer 
group, whose activities span 
heavy engineering, engineering 
consultancy, ship and platform 
building, made a pre-tax profit 
of NKr 176Bm ($2S.5m> in 
1981, compared with - NKr 
154.6m previously, and so. in- 
creased dividend of 14 <per cent, 
compared with 12 per tent (the 
maximum permitted in I960), 
is proposed. 

The group says 1981 was a 
“satisfactory" year, with im- 
proved results in every sector 
cf -the group’s activities. Turn- 
over reached NKr 3.73bn, up 22 
per cent. 

• Norsk Elekbrisk og Brown 
Boveri, the Norwegian sub. 
sidiary of the Swiss Brown 
Boveri. engineering company, 
increased group turnover to 
NKr l.Sbn m 1981, from NKr 
1.27bn in 1980. Pre-tax profits 
rose to NKr 51 Jm before extra- 
ordinary items, from NKr 45.6m 
in 1980. 

An unchanged dividend of 12 
per cent is recommended. 


Wienerwaid in deal with 
LTU on travel offshoot 


BY OUR ZURICH CORRESPONDENT 


WIENERWALD, the troubled 
Swiss-owned catering group, has 
entered into a cooperation 
agreement with the Duesseldorf- 
based company Lufttransport- 
Unternehmen (LTU) which may 
lead to the sale tins summer of 
WienerwaJd’s travel-agency sub- 
sidiary, Jahn-Reisen. 

This move follows tbe sale of 
WIeoerwald's subsidiary Wiwa- 
Geraetebau to the Rieclioger 
Jersey group of Munich. Wiwa 
manufactures commercial kit- 
chen equipment, including grills 

.Tahn-Reisen. named after 
Wienerwaid 's proprietor, Herr. 
Friedrich Jahn. -was set up in 


1979 as a German tour operator. 
The new company called for 
capital spending of some 
DM 43m, but showed initially 
disappointing results. Its finan- 
cial commitment ' to the travel 
agency has been a major factor 
in the current difficulties of 
'Wienerwaid which has total 
banks debts of DM 260m 
($108m). 

Last mouth. Mr Jahn said that 
Jaim-Reisen was now running at 
roughly breakeven. By the end 
of 1982. it would be showing 
positive results, he added, after 
increasing amvual turnover to 
about DM 170m. 



U.S. $20,000,000 

SUNDSVALLS BANKEN 


FLOATING RATE CAPITAL NOTES 
: . DUE 1985 ... 


For the six months 

8th April 1982 to 8 th October 1382. 


In accordance with the prtwsons of the Notes, 
notice is hereby given that the rate of interest 
s been fixed at 15-ttps' cent and thattheintere 


■ has been fixed at 1 pa’ cant and that theintaarest 
pa^e on the rdarant interest rayment date. 

8th Octabet; 1982 against Coupon No Bw9 be U.S. S7SL74, 


Agonc Bank: Morgan Guaranty Trust Company^ IUm« Vorfc, London 


Swiss retailer 
lifts earnings 
by one-fifth 


By Our Zurich Correspondent 


EARNINGS of the Swiss retail 
group. Globus, rose by some 20 
per cent in the year ended 
February 1982 to reach 
SwFr 13.9m (S7.1ra). Turnover 
improved from SwFr 937.2m to 
SwFr 980.2m. 

Tbe board recommends un- 
changed dividends of SwFr 70 
per share and SwFr 14 per par- 
ticipation certificate, together 
with 75-year jubilee brauses of 
SwFr 10 and SwFr 2 respec- 
tively. 

4) Sales of the Swiss-owned 
engineering group, Sulzer 
Brothers, rose by 5.7 per cent 
to a record SwFr 4.04bn 
($2.07bn> in 1981. The value of 
new orders, however, slipped by 
4 per cent to SwFr 4.36bn. 

Net profits of the parent com- 
pany improved from SwFr 25.6m 
to SwFr 27.2m. The board had 
forecast a slight increase in both 
parent company and group 
earnings. Dividend is being 
held at in per cent: for 1979 
shareholders received 14 per 
cent. 


Celarepn&l ayanlMant&xmatsousai!, te patent mas s stputM i Hire dTnfomalion seubmeni 




Fonds de Reetahlissement 
du Conseil de i’Europe 

pour les Refugtes Nationaux et 
les Excedents de Population en Europe 


Same again 
at Schindler 


By Our Zurich Correspondent 


SCHINDLER HOLDING, of 
Hergiswil, parent company of 
the Schindler lift manufacturing 
concern, is holding its dividends 
of 5wFr 12 per registered share 
and SwFr 60 per bearer share 
for 1981. Net profits of the hold- 
ing company were virtually un- 
changed at SwJ?Y 12.9m ($6.7m). 

In a letter to shareholders, the 
board reports a 5:3. per cent .rise 
in hillings last year to some 
SwFr 1.4Sbn fS789m). Sales c! 
lifts and escalators increased by 
only 3.8 per cent to SwFr 123bn, 
hut those of mechanical-hand- 
ling systems, rolling stock and 
ether products Improved by 13.2 
per cent to SwFr 258m. 

Despite general stagnation in 
the international lift market last 
year, new orders went up 10.3 
per cent to SwFr 1.74bn. 


EMPRUNT 

DE 25.000.000 D’ECUS 
14,25 % 1982-1990 


50CI£t£ GENERALE 


BANQUE BRUXELLES LAMBERTSA, 


KREDIETBANK INTERNATIONALGROUP 


BANQUE INTERNATIONALE A LUXEMBOURG SJL 


ALGEMENEBANKNEDERLANDN.V. BANCA DEL G07TARBO 

BANQUE GENtRALE DU LUXEMBOURG SA. BANQUE NATIONALE DE PARIS 

BERLINER HANDELS- UND FRANKFURTER BANK CREDIT COMMUNAL DE BELGIQUE SA/ 

GEMEENTEKfiEDIET VAN BELG1E N.V. 
isrmno bancabjo san paolq di Torino societe generale alsacjenne de banque 


AlahliBank of Kuwait K.S.C. Bank Gutrwiller. Kura, Bungener (overseas) limited 

BanK/Banque fppaS.A. * Banque de Paris et des Rays-Bas Banque Worms 

Qaissed Epargne del Etat Caisse des Dfipfttset Consignations Caron ove and Co. 

Creditanstait-Bankverein CreditChimique Credit duNord Credit G4n4rar $.A.de Banque 
Crddit Industriel d’Alsace et de Lorraine S.A. Credit Lyonnais ' Daiwa Europe Limited 

Deutsche Girorentrale -Deutsche Kommunaibank : Dominion Securities Ames Umited 

Financiers Dewaay S.A. . G eNna International Limited 

. eenossenschaltlicheZentralbank AG vienna IBJ International Umited Inteiunion - Banque 

Irish Intercontinental Bank Limited Kredietbank (Suisse) SA F. Van Lanschot Bankfers N.V. 

• LTCB International Umited Mitsubishi Bank (Europe) SA. Nippon European BankSA 

Nordic Bank Umited SaLOppenheim jr.iCie Peterbroeck, Van Campenhout &Cie 

Pnvatbanken Aktieselskab SkandinaviskaEnsklidaBanken Strauss Turnbull and Co. 




j jad 





27 






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BY ROBERT COTTRHX IK HONG KONG 


;/ financial Times Thursday April 8 1982 

INTERNATIONAL COMPANIES and FINANCE 

Hongkong Land on target “ ED,T “Tr' CES 

profit new stock exchange 

BY ROBERT COTTRHX IK HONG KONG ° 

HONGKONG LAND, one of the yesterday. . ford did identify was a. strain ^ JAMB DORSET in KUWAIT 

C0 ®‘ Hongkong -Land proposed on managerial requires. With ^ KUWAIT Government is an average price rise of 56 per 
• pames, nas announced con soli- a final dividend of 22 cents, 60 projects in hand and 30 + a tj nc st eDS »n trv to ram* the cent in 1 981 This vear it has 

crasid< * ation ' JUft wfcSCrtSSSfflS SE? a MUTAS 

fU g*** a”*®* ° f 6 « n * the group was “ very stretched Gulf stock Exchange which because of deteriorating econo- 

Ij'nnZ 3* HK?6 l 0m sh ^ “ proposed, to be managenally. sprang U p in the country fast mic conditions 

of 1880. -Extraordinary gains, paid out of the extraordinary Major features of the past * y About half the 46 companies 

KKSTSm a^ainrt K?*? fQie . t ° t ^ 1 °* ^ Tgl ^ bave included the while many observers con- on the official exchange passed 

the same as for HKSASbn purchase of the Con- g^er the actions insufficient, their cash dividends last year 
t 1880, but the special dividend naught Two site; the acquisi- OJ>flllo n is divided on whether and so far this year rights 

'•'SfiJL'if 1 HKS2 - l6bn a « aittSt el^Mt made up 18 cents of the tions of a major stake m Hong ^ speculation can be con- issues totalling more than 

* t0 £: - JV1 J Kong Telephone; and a35 per w]le6 ^ brought t0 KD 200m have drained liquidity 

TTie 1981 outcome is in line Earnings per share doubled cent stake in the HK52-Bbn *j. e market without indueine a from the market. 

- With the HK$Ubn forecast at in 1381 to 68 cents, while the Miramar Hotel site purchase; “tcSS Si “duclng a iromtne marsei. 

■ tiie interim stage. The 1980 annual partial property revalua- and the HKSSOOm sale ot Star sh aTB DriC6g + hfk =4 •« j 

: figures have been rotated in tlon threw up a surplus of House Offices, in which the como^ akoSt aH of Market 11,115 

line with the new policy of HKM.89brL Shareholders’ funds group is a 50 per cent partner . Kuwaiti owned offshore com- In sharp contrast, the unoffi- 

' 5? r associa . tes ; S? - at TOKK« «* W with Cheung Kong. JSS and some u-iThiSfy eial market has run wil<L Big 

Hon^ong I^ds prmctpal end. eoual to HK^lfi per share. For the current year, Mr Bed- Substantial opera lions W are and small punters alike, some 

assnnnto M Jarrlina Ualhssnn Mr Trwftr RuHfnrW man- _ j.mn H •> I . 


frantic trading 00 the unofficial lost a lot of its buoyancy 
Gulf Stock Exchange which because of deteriorating econo- 
sprang up in the country last mic conditions 
year. About half the 46 companies 


associate is Jardine, Matheson, Mr Trevor Bedford, the man- ford described as “ a damn Cl b r CT«! to haveTrianT «riv fnirf said to 'be fronting ' for 
m which it holds a 40J! per cent aging director, said yesterday good guess w the suggestion ^ STe pwt nTSe mSotiS. No foreigners because only Kuwait 

stake and n therefore took into that he was “ looking for a good that the group might be looking official once list is nublished. and citizens of other Gulf 

its 0* 7* fcc ouats HK$291m of year, with a further increase in at a 2m square foot commercial bu hhi e has been inflated bv states can by law invest, have 

the HK$723m profit after tax for group net operating profit” property development in the use of Twstlated chlau.es plunged into the market. 


fronting 


. the HK$723m profit after tax for group net operating profit” property development in 
: . 1881 which- Jardine declared One problem which Mr Bed- DMiver, U.S. 

Jardine Matheson tops forecast 


the use of post-dated cheques plunged into the market 


which may amount to as much 
as KD 8bn (U.S.S25bn). 


Share prices, however, are 
often devoid of any relation- 


BY OUR HOMO KONG CORRESPONDENT 
JARDINE, . MATHESON, the per share 


recommended, group balance sheet was in home. 


Hong Kong conglomerate cele- making a total for the year of “ quite good shape,” with the „„„„ _ 

brating its 150th anniversary, 92 cents, against an adjusted year end proportion of debt to Post-dated cheques inT by b^nks o™ nostSiSd 

has reported profits after tax previous year total qf 80 cents, shareholders’ funds standing at ^ ™ u J-Saues and is thinkin?of 

and minorities of HK$723m A three-for-20 scrip issue is also 72 per cent In cashflow terms. The cheques, post-dated by deques ana is minxing 01 wta»- 

(U.SJS124m) for 1981 — just proposed. Earnings per share the cost of carrying the Hong- between six months and three !y SQ JJ^ “ se 10 

ahead of the HK*690m forecast ros* from HKS1.8H to HKS2.13. kong Land stake, netting off years, are written for blocks of ra “ ie ™, . e . 

at the interim stage. Extra- Mr David Newbigging, chair- dividends received, was almost shares at prices substantially Auwaia s uovemmeiu nas set 

ordin ary items totalling man of both Jardine, Matheson HKS250m. Netting off the cost over current prices. Investors U P - a ,° ' 68 ? ex Vi? 

HK8226m and exchange rate and Hongkong Land, said Jar- of funds against the equity gamble on prices spiralling up 
adjustments boosted total pro- dine expects further growth in accountable portion of Laud’s to cover the high credit charges. “ Ult 

fits to HKS982m. .• earnings in 1982 profits before extraordinary Lively stock markets are «» 

- For 198 Oprofit after tax and .. A- regional analysis of Jar- items produced a deficit of nothing new to the Kuwaitis. ™ aM “'*5* 

minorities was HKS525m. ad- dine’s results reveals that 73 HKS126m, but for the current The official stock market *k- 


The market' 'in the Souk sl «ps to tiie companies’ true 
Manakh in Kuwait Citv raIue - In fact some companies 

mddJSTlL SI? ««' «“ P“t »«“ 

when manv Kuwaitis scrambled B °5f s ‘ _ . . 

to fitid domestic outlets for v Government is knoum to 
foreign investments transferred b ? concerned about the growth 
I, ome , of this market and is trying to 

impose some order. The central 
n , j . , bank has outlawed the disco unt- 

Jr OSt-flateG Cheques jng by banks of post-dated 


including extraordinary Items American activities were A key priority in 1982 and support the post-dated cheques. No company started after 

wer? HKSl.l2bn. thrown Into a HK$1 3m loss from 3983 would be development of The Government bad to spend March 1 can oe traaed until it 

The main effect of the equity a .BKSlOTm profit reflecting Jardine’s Interests in North U-S.$525ra to buy up depressed .hascompietedlhenewregistra- 

a«*poiintirjg is on the 40 percenf the damage the sugar price has America, said the, chairman, shares to shore up the market. tIon procedure. 


stake which . Jardine holds in done to Jardine's Hawaiian where the group 'will invest The official exchange, which 


Government 


Hongkong Land.. 

A final -dividend Of 69 cents 


plantation earnings. 


Mr Newbigging said the 1985. 


HKS275m in oil and gas ■ by had a trading volume last year encouraging the establishment 


PETR0LE0S MEXICANOS 

: US$125,000,000 
floating Rate Notes 1991 

For- the six months from 8th April. 1982, to 8th October. 
; 1982, the Notes will carry an interest rate of 15tf % per 
annum. The interest payable on the relevant interest payment 
date 8th October, 1982. against Coupon No. 3 will be US3398.72 
per USS5.000 Note. 

- ■ Agent Bonk: 

Chemical Bank, London 




of TCD l.9bn ($6.65bn), enjoyed of market makers to smooth out 

the trading of shares. 

However, some observers 
think these actions are not 
tough enough or are too hard 

Weekly net asset value Many investors in the unoffi- 

cial market are confident that 
the Government cannot afford 

Tokyo Pacific Holdings (Seaboard) N.V. 

on April 5th 1982, U.S.$57.64 

. prevent a credit collapse. Fami- 

Listed on the Amsterdam Stock Exchange lies will rally round members 

who have written post dated 
Information; Pleraon, Heldring & Ptoreon NY^ cheques beyond their means, 

Harongracht 214, 1016 BS Amsterdam. But the fact remains that 

- _ - - _ =« •' > share prices cannot nse indefi- 

' i i mi nitely and Kuwait must discover 

a way to rein in the runaway 
speculation. 


AMERICAN TRUST PLC 

Summary of the report for the year 
ended 31 January 1982. 


•Net asset value per equity share at 84.9p (up 53 percent] was the highest 
year-end figure in the company's history. 

•The directors recommend total dividends per equity share of Z25p compared 
with 220p last year, up-71 percent 

•The company’s relatively heavy exposure to theenetgy sector, which wasa 
favourable factor last year, caused some loss of ground againstthe indices, but 
thedirectors remain confidentthatas the world moves oiit of recession, 
investments in this sector will again prove rewarding. 

•During the year a further significant movement of futidsto North America 
took place. It is intended that American Trust as its name implies, should be 
considered mainly as an investmenttrust specialising in North America, which 
accounted for 543 percent of equity shareholders’ interest at 31 January 19S2. 
•The principal policy objectives of the company remain: 

i) Emphasis on investment in North America. 

ii) The provision to shareholders of long-term growth of income. 

iii) Readiness to have sizeable commitments in small or unquoted companies where 
there are grounds for confidence in longterm prospects. 

An investmenttrust managed by Edinburgh Fund Managers Ltd. 

Copies of the reportand accounts may be obtained from 
4 Melville Crescent Edinburgh EH3 7JB. 


Thisannounccmentappeacsasa matter of record only. 


f]( SCANQlLjWC. 
US$40,000,000 

Petroleum production 
revolving creditfacility 
Partially guaranteed by 
Scandinavian Trading Company AB 


GreditSuisse 


Managed by 

Nordic American Banking Corporation 


' Provided by 
. Bank of Scotland 
Credit Suisse 

Nordic American Banking Corporation 
Nordic Bank Limited 
Svenska Handelsbanken 

Agent 

Credit Suisse 


Developments 

for the IRjlp 
Future wSBSKk 






' t*. . r . t, ii 




Jardines 1981 Results 
Operating Profit up 38%, 
Bonus Issue Recommended 


I 


.-:V^ j 

..,n^ ! 

' ' ,{*y j 

I 


Group Profits. Consolidated 
net profit after tax but before 
extraordinary items was £1 38*7 
million, an increase oU34% over 
1980. Earnings per share rose to 
6.6p„ up TOO %. Extraordinary 
profits were an additional £71 .3 
million. . 

Dividends. A final dividend of 
2.1 p, per share proposed, 
making total ordinary dividends 
of 3.3p. for 1981. an increase of • 
52%. A special dividend of 0.6p. 
proposed.. 

Valuation of Assets. Annual 
revaluation review of our 
property portfolio In 1 981 
producing a surplus of £280.1 
million. 

Corporate Developments.. 

Acquired last remaining site in . • 
central business district for. 1 .3 
million lettable sq. ft by t986 
and a further 355,000 sq. ft in 
1 987. Acquired overone-thirdof 
Hong Kong Telephone 
Company Ltd Prime silefor385 


"1981 Results. 


luxury residential units secured 
22 new developments initiated, 
more than 60 projects now in 
hand . ' 

Property Holdings. Prime 
locations and quality 
management ensured recurrent 
earnings and high demand. .- 
Close tol 00% occupancy 
maintained-in all owned 
properties. 

Mandarin International 
Hotels.- Record profits 
achieved, up 40%. Plans for first 


1981 -1980(T 
•. £ millions .. 

138.7 592 


138.7 

71.3 

210.0 


1981 1 980(*)- 

Pence per share 
. 6,8 33 


;i59.i 

2183 


. .Group profit after taxa- 
tion and minorities 
Extraordinary profits 
Totalprofits 
Dividends 

Ordinary— Interim 
: ' Final . 
Special 
Total 


Shareholders’ Funds (tj 1,895.9 1,5375. 


ft 7he 1 980 fmureshave been restated on an equity accounting bass and adjusted for the 1 

_ ,toc 1 snare stun aft: ljoea bonus issue. — 

(t) Reflects parvatrevaliBiton 


North American hotel venture, 
the Vancouver Mandarin, 
announced Good progress on 
five other hotel projects in the 
Asia Pacific region. 

The Dairy Farm Group of 
Companies. Record turnover of 
£434.0 million, largely from 
supermarket operations. 

Overseas Developments. 

Complementary operations in 
Australia, Singapore and North 
America to expand in line with 
growth ih Hong Kong, 

Prospects. Hong Kong 
economy remains healthy and 
■ relations with China excellent 
Continued growth expected this 
year with further increase in net 
operating profit over 1 981 , 


D.K. Newbigging 

Chairman 

Hong Kong, 7th April, 1 982 


The 
HongkonaLand 
CompanyLtd 

Alexandra House, Hong Kong 


Net Profit reached HK$723 million, up 37.7Tr from 
previous year’s figure l restated for comparison due 
to adoption of equity accounting in 1981) of 
HK$525 million. Extraordinary hems and exchange 
translations add further HKS259 million, making 
total earnings HK$982 million. 

Earnings per share before net exchange 
translations and extraordinary items rose to 
HKS2.13, an increase of 15.15c over 1980*s figure of 
HKS1.85 (adjusted for subsequent bonus issue). 

Dividend increase of 15-OSo over previous year. 
Recommended final dividend of HKS0.B9 makes 
total of HKS0.92 for year. 

Bonus issue of 3 for 20 recommended. 


Hong Kong earnings show excellent growth. 
Significant increase in profit from engineering and 
construction, financial services and transportation 
services activities. 

International Operations produced generally 
good results. Although operations in the United 
Kingdom, Southern Africa and South East Asia 
recorded notable increases, international earnings 
were affected by sharp Tallin world sugar price. 

Forecast: Good prospects for further growth in 
1982, barring a deterioration in the world economic 
situation or material increases in interest rates. 1982 
dividend to be maintained on capital as increased by 
proposed bonus issue. 



1981 

HKSM 

% 

Change 

1980 

HKSM* 

Turnover 

9,266 

24 

7,467 

Profit before fox 

1300 

34 

968 

Tax 

(320) 

10 

(290) 

Profit after tax 

980 

45 

678 

Minorities 

(257) 

68 

(153) 

Profit after tax and minorities 

723 

38 

525 

Net exchange translation differences 

33 

(73) 

124 

Extraordinary items 

226 

(59) 

548 

Total profit 

982 

(18) 

1.197 


HKS 


HKS*** 

Earnings per share** 

2.13 

15 

• 1.85- 

Dividends per share 

0.92 

15 

0.80 


* Restated for comparison purposes on an equity accounting basis. 

** Before net exchange translation differences and extraordbuuy items. 
^Adju&ted for.ckangc in issued share capital 

Jardine Matheson is first and foremost an Asia 
Pacific company that employs 38,000 people in 
over 20 countries. The Group's business falls 
into six distinct but related areas of activity: 
engineering and construction, financial 
services, -marketing and distribution, natural 
resources, property and hotels, and trans- 
portation services. 

Jardines also has significant interests outside 
the Asia Pacific region — notably in Europe, 
the Middle East, the United Stales and 


Southern Africa — in each case encompassing 
many of the functional activities outlined 
above. 


w\m 


D. K. Newbigging, Chairman 
7th April, 1982 


Jardine, Matheson 
& Co., Limited 

Janfin* Mnthwon &■ Co„ Ltd, Connaught Centra, Hong Kong 


4 





I O a W n*W r>n 




28 


Financial Times Thursday April 5 1932 


ft" 


THZBASDKIESiCEIIBff JSEBiSBASAMASXEBGPSEDORDflNXX 

A$300,000,000 

(EQUIVAUi^ AMOUNT) 

NON-BECOXJESE PROJECT FINANCING 

FOR THE 

OAKY fragiglC COAL — JOINT VENTURE! 

COUEB2S2NG 

MOUNT ISA MINES LIMITED 

(AUSTRALIA) 

ESTEL DE LFST OFFEN BV 

(THE NETHERLANDS) 

NXTOVA ITALSIBEK S.P.A. 

(IXAJLX) 

TTMPRTISA NACIONAL SEDERUBGXCA S.A. 

(SPAIN) 

PBOJECT MANAGER: MOUNT ISA MINES LIMITED 

pwfMfgE flp FROM THIS FINANCING WHL BE AFPXJKD TOWARDS THE DEVE L O PM E NT AMP OOWOBOBQHflP 
■pre OAKZ mm? RgTATEr* vAcnjnEftABmiNPRA«3nCTDHE IN QUEENSLAND, AUSTRALIA. 

1UNAQEDS7 

CITICORP INTERNATIONAL GROUP 

TORONTO DOMINION INTERNATIONAL BANK UMTTED 
BANK OF NEW SOUTH WALES 


USS230,000,000 

TEBM LOANS 

PROVIDED BT 

CITIBANK, N A- THE TOBONTO-DOMINION (UNITED KINGDOM) UMTTED 

CHEMIC. at. -R a y g MELLON BANK. NA- 

ALGEMENE BANK NEDERLAND N.V. AMSTERD AM-HQ TTEB33 AM BANK N.V. 

THE SUMITOMO BANK, UMTTED KKEDIETB ANK N.V. 

AGENT 

ASIA PACIFIC CAPITAL CORPORATION LIMITED 
(AMEMBER OF C1TICOBF INTERNATIONAL GROUP) 


A*100, 000,000 

TERM FACILITIES 

PROVIDED BY 


BANK OF NEW SOUTH WALES 
THE NATIONAL BANK OF AUSTRALASIA LIMITED 


CHEMICAL BANK 


IN CONJUNCTION WITH LETTER OF CREDTT FACEUOXES 
PROVIDED BY 

TORONTO DOMINION (SOUTHEAST ASIA) LOOTED 

AGENT 

BANK OF NEW SOUTH WALES 

FINANCIAL AD VISOR TO THE JOINT VENTURERS 

THE FIRST BOSTON CORPORATION 


Coopanies 
and Markets 


INTL: COMPANIES & FINANCE 


rulings attract fir 
is pharmaceutical 


A IVU3D3ER of foreign drug 
companies operating in India 
are waging battle with the 
Government on several fronts. 
They are resisting orders to 
bring their ownership under 
closer Indian control, under 
Fore ign E xchange Regulation 
Act (FERA), requirements. A 
challenge has been laid before 
the Delhi ■ High Court to the 
Government's decision that they 
should use generic names for 
the drugs in place of brand 
names. A pnriag formula is 
being sought to support the 
profitabilities of operations and 
they are also seeking permis- 
sion to extend manufacturing 
activities into new areas. 

The battle is tough because 
the issues involved concern not 
only the wider policy oF the 
Government towards the entire 
Indian pharmaceuticals industry, 
hut also the question for forefen 
companies of survival in India 
on acceptable terms. Most of the 
foreign companies think they 
should be allowed to retain a 
majority holding of their equity 
on the grounds that they are in 
a n high -technology area. 

FERA requirements are that 
all foreign companies should re- 
duce their equity holdings in 
Indian offshoots to 40 per cent 
unless they are manufacturing 
in high-technology sectors, or 
are export-orientated, or com- 
bine high technology with ex- 
ports in a suitable mix. 

The Government’s lately 
issued orders to most of tie 


foreign drug companies to bring 
their equity had dings down to 
40 per cent or to reduce them 
front their existing level is 
based on the findings of a re- 
port submitted last year by a 
committee on high technology 
chall en g in g the Maims of many 
that (their drugs involved the 


names is part of a struggle to 
maintain profitability. The 
Government argues that brand 
names give the foreign com- 
panies an advantage over Indian 
concerns, some of which are m 
the public sector, when all are 
involved in manufacturing the 
same commonly -used drugs. 


K. K. Sharma reports from New Delhi on the develop- 
ment of a battle on several fronts between foreign drug 
companies operating in India, and the Indian authorities. 
India has lately decided which companies should retain 
their going level of foreign ownership, and which 
should reduce it. But that is not all 


use of sophisticated processes. 

Companies are now trying to 
stave off the order to dilute 
their equity holdings by chang- 
ing their manufacturing opera- 
tions. But they come up against 
the hurdle faced by Indian com- 
panies controlled by the mono- 
poly regulations and by all 
foreign companies that they can- 
not expand except in 100 per 
cent export sectors or in the 
industrially backward regions of 
the country. 

Among the companies to be 
ordered to reduce its foreign 
ownership to 40 per cent, from 
75 per cent, is the offshoot of 
Glaxo, of the UK, which in 1980 
had sales of Rs938m (Si 00m). 

The battle to hold on to brand 


Led by Hoechst, the West 
German concern, three foreign 
drug companies have challenged 
in court the Government’s order 
abolishing the use of brand 
names for single ingredient 
drugs. Hoechst, in what is con- 
sidered as a test case, has 
Obtained a stay order from the 
Delhi High Court against the 
order abolishing the use of the 
brand name, Novalgin. 

Hoechst has also taken the 
lead in ' challenging in court 
the Government’s orders on 
pricing of drugs. The Delhi 
High Court has asked the 
Department of Chemicals, which 
passed the oiders on. drug 
prices, to disclose the basis of 
the price fixation under the 


drug price control order, 1879, 
Both cases are atilt being heard 
by the courts and their outcome . 
is of dear importance to the 
future of Ihe foreign drug 
companies. 

Like Indian companies, the 
foreign companies arc seeking 
a revision .of the basis on which 
prices of drugs are fixed since 
ihey feel- that the present 
method does not allow suf- 
ficient margins to make their 
high - technology . operations 
profitable. A decision on this 
is pending, but the indications 
arc that the Government wilt 
not change its policy. 

The main question facing the 
foreign companies at present is 
that of dilution of their equity 
holdings. Recent orders affect 
some 20 companies, after seven 
had been .asked earlier to bring 
their holdings down to 40 per 
cent. Of these seven. Smith. 
Kline and French, which is 10Q 
per cent owned by Smith Kline 
of the U.S., has made repre- 
sentations to the Government 
for its being allowed to retain 
a majority share. This is 
regarded as a test issue. . 

Of the companies to which 
orders have been passed, 12 
have been asked to dilute their 
present equity holdings, seven 
are being allowed to continue 
at their present level of owner- 
ship. and one is being asked 
tn wind up operations, and one 
of its overseas stablcmates to 
end branch operations in India. 


THE FERA DECISIONS 

Company 

Turnover 

1980 

Parent or senior 
foreign affiliate 

Country 

Existing stake 

Required stake 


Rs m 



% 

% 

Burroughs Wellcome (India) 

80 

Wellcome Foundation 

UK 

100 

74 

Ciba-Geigy of India 

na. 

Ciba-Geigy 

Switzerland 

68 

51 

Cyan amid India 

97 

American Cyanamid 

U.S. 

55 

51 

E. Merck (India) 

139t 

E. Merck 

West Germany 

51 

40 

Glaxo Laboratories 

93St 

Glaxo 

UK 

75 

40 

Johnson and Johnson 

- n jl 

Johnson and Johnson 

U5. 

75 

51 

Parke Davis (India) 

n-a. 

Warner Lambert 

US. 

83 

40 

Pfizer (India) 

429 

Pfizer 

US. 

70 

51 

Roche Products 

IU. 

Rodhe/Sapac 

Switzerfand/Canada 

89 

74 

Uni-Sankyo 

IUL 

Sankyo Co- 

japan 

49 

40 

Wanner Hindustan 

IU. 

Warner Lambert 

US. 

503 

40 

May and Baker (India) 

197 

May and Baker 

UK 

60 

40 . 

Bayer India 

517 

Bayer 

West Germany 

SI 

51 

Boots (India) 

202 

Boots 

UK 

53 

53 

Hoechst Pharmaceuticals 

499 

Hoechst 

West Germany 

H> 

50 

Merck Sharp Dohme (India) 

164 

Merck and Co. 

US. 

60 

60 

Organon (India) 

na. 

Afczo 

Holland 

49 

49 ... 

Sandoz India 

545 

Sandoz 

Switzerland 

60 

60 

Wyeth Laboratories 

182* 

American Home Products 

US. 

■74- 

74 

* Includes branches of John Wyeto end Brother 
companies is owned by AHP. t 1380-SI. 

of the UK. ordered to coaso 

trading, and of Wyeth (India), 

ordered to wind up. 

each of which 



AECI LIMITED 

(Incorporated in the Republic of South Africa) 

NOTICE TO 

PREFERENCE SHAREHOLDERS 
DIVIDEND NO. 88 

Notice is hereby given that on 4 March 1982 the Directors 
of AECI Limited declared a dividend at the rate of 5.5 per 
cent per annum for the six months ending 15 June 1982 
payable on that date to holders of preference shares 
registered in the books of the Company at the close of 
business on 30 Aprif 1982. 

The dividend Is declared in United Kingdom currency and 
cheques in payment wilt be posted from the offices of the 
transfer secretaries in South Africa and the United 
Kingdom on !1 June 1982. 

Dividends payable from Johannesburg will be paid in 
South African currency at the rate of exchange ruling 
on 25 May 1982. 

Any change of address or dividend instruction involving 
a change in the office of payment, if intended to apply 
to this dividend, must be received on or before 30 April 
1982 and members must, where necessary, have obtained 
the approval of the South African Exchange Control 
Authorities and. if applicable, the approval of any other 
Exchange Control Authorities having jurisdiction in 
respect of such changes. Changes of address or dividend 
instructions to apply to this dividend which do not 
involve a change in the office of payment must be 
received not later than I June 1982. 

In terms of the Republic of South Africa Income Tax 
Act 1962 (as amended) dividends payable to persons not 
ordinarily resident nor carrying on business in the 
Republic or to companies nor registered nor carrying on 
business in the Republic are subject to deduction in 
respect of non-resident shareholders tax at the rate of 
13,7025 per cent. 

With regard to cheques despatched from the United 
Kingdom office. United Kingdom income tax, at the basic 
rate less, where applicable, the appropriate double tax 
relief, will be deducted from the dividends paid except 
in cases where the holder’s address and the address to 
which the dividend is sent are both outside the United 
Kingdom and in cases (if any) where the company has 
received from the inspector of Foreign Dividends in 
Great Britain a certificate exempting the dividend from 
United Kingdom income tax 

The iransfer books and registers of members in 
Johannesburg and the United Kingdom will be dosed 
from 1 May 1982 to 14 May 1982 both days inclusive. 
Carlton Centre By order of the Board 

Johannesburg j. J- LOW 

B April 1982 Secretory 

Transfer Secretaries: 

Consolidated Share Registrars Limited 
62 Marshall Street. Johannesburg and 
Charter Consolidated PLC, Charter House 
Park Street. Ashford, Kent, England. 



Westland/Utrecht 
Hypotheekbank nv 


Registered office in Amsterdam 

S te reholdas. holders of Bearer Pepoatarv Racaipte. debenture bonds, mo dtf agn 
bonds and private bonds are hereby iwimet to anond the Annual Genera! 

Meeting of Shareholders, in be held at the Amgtd Hotel. Prof. Tifoptan 1, 
Amsterdam, The Nachatamb, an Tuesday 23th Aprt 1B82 at 10 30 ajn. 

Agenda 

The agenda of the Orrfnary Meefog 
of Sharehoktes, to be held at 10.30 
am. rat TuesdPr27tfi Aon) ISSZat 
the Amstei Hotel, Prof. TUppteh 1, 

Ar nstedan . The Netherlands is as 
Mows: 


1. Opening of the meeting. 

2. To apprem the manner of 

recorrfi^ ihe Minutes, h accor- 
dance vuiUiArtide 21, paragraph 
3 of tha Articles of As i acaa k n. 

3. Discusson of correspondence 
recaMad. 

4. GonsSfeta ti on of the Annual 
Report OF ihe Board of M-mago- 
roent conramirsg the affairs of 
flw Company and die manage- 
ment thereof in the year 1981. 

6, Adoption of the Balance Sheet as 
at 31st December 1981 and the 
Profit and Less Acaxm for 1987, 
and the notes thereto, as appro- 
ved by the Supavaory Board. 

6. Proposal to charge the toss to the 
reserves and to pass the dnidend 
for 1982. 

7. Fl&tgrrf the vacancy aft&w on 

the Supervisory Board on 27th 
April 1982 Mowing the retire- 
ment by rotation of Mr. D. 
Noordhof. 

Notice of the vacancy aid of the 

proposal on ihe pa*t of the 
Supenrisonr Board to reappoint 
Mr. Noortfbof, was given sttha 
previous General Meeting. The 
General Meeting of Siarehofctas 
has the right to object to the 
proposed reappointment. 

& rang of the vacancy arising TO 
the Supervisory Board an 37th 
April 1982 Wtowkig the derision 
to increase the number at Board 
members. The General Meeting 
of Shareholders has the right to 
no min ate candidates to fiS this 
vacancy. Should no nominations 
be made, the Supervisory Board 
propose to TV the vacancy by 
appointing Mrs. E, Voder- SmitoF 
Leeuwarden. The General 
Meeting of Shareholders has the 
right t o objec t to this proposed 
bekppoinunent. 

3. Nrnffication of vacancies r^ildi 
wl occu r on to g Supervisory 
Board 011983 as a resit of the 
retirement by rotation of Mr. JJ3. 
HoogjauR, Or. J. Knsneraand 


Mr. S. OriandM, whoareefigUa 
fcriw pp ofc ww a n t. 

The Gerarai Meeting of Share- 
holders has the right to nom ina te 
candidates to fR these vacancies. 
Notification of ihe retirement of 
Mr. EA. Brouwer from the 
Supervisory Board in 1963 as a 
rosoft of his having reached the 
statutory retirement age. The 
Supervisory Board do not intend 
to fiB the resulting vacancy. 

10. Notification of the appointment 
Of Mr. MB. Bole to the Board 
of Mana ge ment. 

17. Any other business. 

1Z Cfasure of the meeting. 

in order to attend the masting in 
person, or to be represented by a 
proxy duty authorised inrw iWng .tirlO 
adrfcess the meeting and exercise the 
right to vote, shareholders are required 
to 0*0 notice at least 3 days prior to 
toe meeting of their intention to attend 
toe meeting in person or n present 
toe rekmm pstnmwnt of proxy to the 
Board of Management at the head 
office of the Company, Sarpl mfeaa t 
7, Amsterdam. Upon the production 
of proof of toe deposit ol bearer 
depo s i t ary recaipts with a bank or 
stockbrocker at feast 3 days prior to 
the meeting, hoidera of toase receipts 
we entitled to attend toe meetoig in 

person, or to be represented by a 
proxy duly authorised ki wriuig and to 
address the meeting. 

Holders of mortgage bonds, private 
loans and debentures are entitled upon 
the production of their securities to 
attend and address toe meeting. 
Documents containing inionmun 
concerning the subjects to be dealt 
with at toe meeting wB be wetabte 
for inspection by the above-mentioned 
duly authorised persons figm 8th April 
until the cktsure of the meeting. M the 
head office and at the branch offices 
of toft Company. Copies of toes* 
documents, which Include toe Annual 
Report, are avaiable in the Dutch 
language, without charge to such 
persons at the Company's heed-office, 
Sarphatistraat 1, 1017 WS 
Amsterdam, The Netherlands. TeLOlO 
3120263137, or at J. Henry Schroder 
Wagg 6 Co, 120 Cheapside EC Ztf 
60S London, TeL 5884000. 

Copies of the Annual Report hi &Efsh 
are auaaable from 20th Aprt at the 
esne addresses. 

Bo&fd of Management. 

Amstantet, 8th ’April 1862, 


.-jSy.r JL'n.' 


This advertisement complies with the requirements of the Council of The Stock Exchange. 
It does ru^ constitute an offer of. or imitation to subscribe for or purchase, any securities. 

U.S. $150,000,000 

jEtna Life and Casualty 
International Finance N.V. 

(Incorporated in the Netherlands Antilles) 

GUARANTEED RETRACTABLE NOTES DUE 1997 

Payment of principal and interest 
unconditionally guaranteed by 

JETNA LIFE AND CASUALTY COMPANY 

( Incorporated in Connecticut, United States of America) 

The following have agreed to purchase the Notes: 

MORGAN STANLEY INTERNATIONAL 
ALGEMENE BANK NEDERLAND N.V. 

BANQUE BRUXELLES LAMBERTS A. 


CREDIT SUISSE FIRST BOSTON 

Limited 

SASfUEL MONTAGU & CO. 

Limited 

NOMURA INTERNATIONAL 

Limited 

SOCIETY gEnEraledebanquesa. 

UNION BANK OF SWITZERLAND (SECURITIES) 
Limited 


BANKOF AMERICA INTERNATIONAL 

Limited 

BANQUE DE PARIS ETDESPAYS-BAS 

DELTSCHEBANRAETIENGESEUJSCHAFT 

MORGAN GRENFELL & CO. 

Limited 

SALOMON BROTHERS INTERNATIONAL 

SWISS BANK CORPORATION INTERNATIONAL 

Limited 

S.G. WARBURG & CO. LTD. 


THNotes, md^rmnatione ofUBJLOOO andUS.$10,000, with an issue prioeof 100 percent, Race becnadmitted 
to the Official List by the Council ofThe Stock Exchange , subject-only to the issue ofthetemporary Note. Interest is 
payable annubllvui arrears on Aunt IS. cnmmpnrinrr nn Ann'/ if* tl. »r_j _.-»i t .• ± ...m 


Par^ularsofthe Issuer, ; the Guarantor and the Notes are available in the Extol Statistical Services Limited and may 

iSSSSai Z“i™ kday ,Saturdays ond 


April 8, 1982 


Cazcnoce & Co., . 
12, Tokenhousc Yard, 
London EC2RZAN 


£4 

4 







15>5J2 




“i 




'• -T.. . 






■' ^5 
■ ; 




R'^Uirrd uj. 


\ w 

/M> 




< **. 


M/- 






Times Thursday April 8 1982 

CURRENCIES: MONEY 


FT UNIT TRUST INFORMATION SERVICE 



recovers 


THE POUND SPOT AND FORWARD 


April 7 


Day's 

spread 


Ckts* 


■One month 


% 

P-s- 


Sterling recovered to currency 
markets yesterday reflecting * 
slight easing in tension over the 
situation in . the Falkland 
IalShds. UK interest rates were 
generally easier as there may 
have been a growing apprecia- 
tion of recent . -favourable 
economic Indicators. 


Three 

month* 


% 

p.i. 


W. Ger. 

Portugal 

Spain 

Italy 

Norway 

Franca 


1*98 per cent (13.70 six months 
*g°> - Annual inflation 7.7 per 
(8-4 per cent previous 
month) — The dollar closed at 
DM 2.4135 against the D-mark 
compared with DM 2.4245 on 
Tuesday and SwFr L9640 from 
SwFr 1.9680 in terms of the 

in.- j.ii - ■ „ . Swiss franc. It was also easier Franc* 

****“ 8gaJast the Japanese yen at Swedan 
? Bnd “ V246 from Y247.9. J*p-" 

Euro -dollar rates as domestic fv.it* a-dv mre . 

rates eased. DMARK — EMS member 

ThP» ti**t — (strongest). Trade - weighted 

JST^JKS* OTera11 Change index 12S.3 unchanged from 
vrtthin the EMS yesterday, with Tuesday and 1213 six months 
SL^.1 „ remaining * the ago. Three-month interbank 13 
SPVt' ** *** ceot OaJl'Kr cent six 
^? e Belgian monli * s =«»)' Annual Inflation April 7 

d,a ” 8 ? d ®‘ Uper.eenUUperceatpre- 

jrtons month) — The dollar 

Eate . to 44 per dipped to DM . 14082 from 


U.S. 1.7S25-1.7BS6 
Canada 2.1600-2.1780 
Nutated. 4.684JZft 
Belgium ISJWOA) 
Danmark 1441-1431 
Ireland 1^246-12300 
&2Zhr-43S-, 
12530-12830 
18730-7®^) 
2327-2337 
10.72-10.79 

ii.oi-n.io 
1IU4-1MS 
431-438 
29-70-29 JO 
X42-3.47 


Japan 

Auirii 

Swfts. 


1.781 5-1.7S2S 
2.1720-2.1730 
4.W-4.7U, 
BO W-Bft 30 
1450-14J1 
1-ZZ8S-1 JOS 

» fa-n y 

127 JO-128 JO 
188^0-188^0 
2331-2333 - ■ 
10.76-10.77 
11J7-11J8 
10.47-10 .*5 
433-434 
29.73-28 J3 
3M>*-3MU 


OXO-0. 40e din 
OjG-OJSSc dfe 
2V1V pm 
2£-40e drs 
SVWot die 
0J0-Q.75p die 
IVIftpf pm 
135X20C die 
70-1S5a qfi* 
2S-30lira dts 
fiVPanredu 
S*12 q dia 
Ift-ftora pm 
2X0-2. 15y pm 
14-10gre pm 


-2X8 OAMUOdls -1J3 
-2.78 1X0-1 JOdis -2X7 
4.77 SVA pm 620 
-4Xfi 80-100 die -4X8 
-8.00 16V17H die -4X1 
-8X8 IJO-ZOQdis -8.18 
.H 1 : pm 4.48 
-21X1 350-fiS0di« -18X5 
-8X4 180225 dip -4X0 
-14.15 85-70 dis -11X8 
-8.01 9-IQftdia -3X6 
-11X8 2028 die -8X7 
0X3 2>*-2 pm 0X1 
6X3 7X5-7.10 pm 6.71 
4.83 38-31 pm 
8.66 7*1-7 pm 


Abbey Unit TsL Mngrs. (a) 

7900, Gatetau feu Ayiesfaury 02% 5041 
AnartcmGroMh- .~.jg ).8 65.41 + 6 V 2 X 2 

Cekd ss j «L«d +Oi 3.w 

(Aeon. LWtji SLl 5R&3 *OA 399 

Gcacnt 6L3 MJl + 1 J «aj 

G'R&FUMInt 101 0 lObJsf + 0 ? 1188 

inarm - - 7JU V2d *tO 8 X 6 

WorUwde Stmt no.9 mq *03 4bB 

Inv. Tsl Fd 516 SX -02 4 30 

EquU&Praq... JSX «3 +16 454 


AUTHORISED TRUSTS 


Craigmowit Unit TsL Mon. Ltd. 

BXUcntourr.UiwnECANSBD 01-248 4964 


Aden Harvey & Ross Unit Tst Mngrs. 
*5. ConVSH, letaon LC3V3PB. 01-9236314. 
AHRCffl Trial (E9.7 95 S *O.0\ 12.0? 


HlVh Incomr ...... .1357 

North Aimncaa . — _p9 fc 
Canatfi.w ExtroU* . .32.0 

CowrtaiTrua. M62 

UMUuMfeyilnt. I® 6 

BW MII .... _B4 4 

Gita Trust fJBB 

■ittfH, atAtg eay MMastay. 


39.13? -0.1 

tAAm +Q-2 

551 . 

500 -0J 
422 

59« *o: 
flUl-OX 


904 

263 

275 

276 
824 
555 

12X9 


Kldnwort 6cnson Unit Bbnegen 
20, Frmaarai St £C3 01-6238000 


K.B. Unit Fit Inc 
KX.UalFdAc . 

K.B FA lnv.T>xs..-- 
taFdlnTiLAct * 
KBSnTrCo'^iflnc — 
KB.anCot FAAH-. 
K3HKaiYM.Fd.lnc B57 
KBHKjnYhtAcc. 170.6 


Q2D2 
1775 
fM 4 

^9 

WJ 


DM 

197.5 

890 

101.4 

695b 

(QO 

UL7 

76.1 


547 
547 
4 as 
4 45 
616 
<.». 
909 
909 


Allied Hambra Ltd. (a) (g) 
(teirrirn hk Hunan. SrMUwmdL Eire* 
Brentwood '02771 211459 S Z291ZJ 
Fu 


Crescent Unit Tst Mngrs. Ltd. (aXg) L & C Unit Trust MMtgement Ltd. 


2V®«e pm 

Belgian rate is for convertible francs- financial franc B9.00l88.1Q, 
Six-month forward dollar 1X5-1.55 c dis. 12-raonth 2.45-2.K e dis. 


4.83 
8X7 i 


THE DOLLAR SPOT AND FORWARD 


AflKtns. _ 

Brtt. In*. Fiax), 

Growth* Income 

BfCL&Ind. Dev... 
MuTOCapHai. 
HanriroRund. 
Han*roAcc.R«d.J 


Day's 

spread 


Close 


One month 


% 

px. 


Three 

months 


UKt 1.75S-1.78S5 1.7818-1X025 OXtMXOe die 

Irelandt 1X345-1 .4400 1X3SO-T437D 9.58-OX8C pm 

— , — -- . ouuucu W UBL . Z.4UBZ rrom Canada 1-2290-1^310 1X300-1X306 <L04-0.07c die 

®nt Figures released yesterday DM 2.4143 at vesterriav% firin* Nedund. uoao^xiso 2.6690-2.6720 i.67-iX7cpra 

showed that 7?**.*“;*? “ J®«rMys lmng Bafalom 4BX2X5X8 ORKSJSS 10-1 Be dis 


the Belgian anthori- in Frankfurt and there was nS 
Eft Shn P SS 1 S^«t^ nivale ^r 0f tater^ention by the Bundesbank 

®«n>4clhH- ries showed lS 

of reflected posi- 

• r ■ tion-squaring ahead of the long 

~ ^*de-welghted weekend and uncertainty ovct 
mdex (Bank Of England) rose U.S. money supply figures. Else- 


to 90 J) from 89.7 at now, 89X 
Jba the morning and S&A on Tues- 
day (88.4 six month s ago). 
IbreHDonth interbank 1SH per 
cent (1615 per cent six months 
ago).- Annual Inflaxton rate LI 
per cent (12 per cent previous 
month) — ' Sterling opened at 
$1.7525 and - rose steadily to 
SL7650 before coming ha^fr to 
S1.7600. It stayed around this 
level for much of the afternoon 
and dosed at SL7615-1.7625, a 
rise of 1.25 cents. Against the 
D-mark it rose DM 4X550 from 
DM 4.2250 and SwFr 3.4S25 from 
SwFr 3.4450. Against the French 
Crane it rose to FFr 11.0750 
from FFr 10.98. 

DOLLAR — Trade -weighted 
index 116J. against 116L3 on 
Tuesday and 1074 six months 
ago. Threo-month -Treasury bills 


where the Swiss franc rose to 
DM 1X291 from DM L2285 and 
sterling was higher at DM 4X370 
compared with DM 4X350. 

Pressure eased on sterling 
yesterday and Euro-sterling 
rates slipped below 14 per cent. 
Consequently the pound was 
firmer in forward trading and 
[UK interest rates eased. The 
premium on the Swiss franc 
rose in the forward market as 
Euro-Swiss franc rates eased in 
response to lower domestic 
rates and the D-mark, also 
showed a similar improv emen t 
as Euro-D-mark rates fell. 
Weaker members of the EMS 
benefited f rom a slight easing in 
tension with the lira showing a 
smaller discount in the forward 
market in line with lower Euro- 
lira rates. 


Belgium 
Donmoric 
W. Gar. 
Parrugal 
Spain 
Italy 
Homy 
Franca 
Swedan 
Japan 
Austria 
Swtti. 


46X2X5.58 

6.1900-8.2380 

2X050-2X150 

71-50-72.80 

106.70-106X5 

1323VC28 

$.1000-8.1150 

6-2850-6X900 

5-9400-5 JW70 

245X5-247 JO 

16.B8-1BJZ*, 

1J550-1J6SD 


10-1 8c dis 
SOMJOmdb 
iXS-IXIpf pm 
70-170C dis 
WMOcdia 
12-ISTtra As 
3-3 l 2ora <8 
4V54C di* 

1X5-1 -IDara pm 

1X&-1.70y pm 

18J1V16J24 10-Wigrepm 
1^35-1.9645 1 45-1.77d pm 
t UK and Ireland are quo tad in U.S. currency. Forward premiums and 
discounts apply to the U.S. dollar and not to lia Individual currency. 


45-53-45J5 

8X200-8X300 

2.4130-2.4140 

72.10-72.80 

10645-106.90 

1324V-1325*i 

6.1Q50-8.T100 

6X850-6X900 

BJ45O-SJ470 

245J5-240J5 


-2X8 OXOJJOdla -1X8 
4-43 1.I5-14D pm 439 
-044 0X3JX8dm -0.80 
7X8 478-4.68 pm 7.06 
“349 30-38 dis -2.99 
-3.14 4XO-4XOdis -2X8 
6.14 340-3.76 pm 6X8 
-1940 175-475 tft» -17X7 
-343 80-100 dis -3X7 
-12X4 32-38 dis -10X7 
-6X8 3-3*, dis -2.13 
—946 12V14 dis -8.44 
2X7 3X5-3.10 pm 2.14 
9.B8 5X0-5.15 pm 8X8 
6.65 28-25 pm 6X6 
1146 44&487pm 1040 


WgliViHdFa M«95 

Hlghlneon* 

Equity IncnmpFd feS 

fiow.Sros BS.4 

W fe wuw sl Fl 

WmaiorW 

Japan Find 

Pacific FisM.. 

Prnenc* Spec. Sits.. 

S«s.OfAn»rteA__ 


SODSer Co.'s Fd._. 
2nd Srrtr. Ob's ft 

Recovery 


Met. MHl. A Cdly. [S6J 

Orerseos Eanilngs^^D 
Ciaret Ftreh 

Inane Eirerei L 

FarEatl Emrel 1676 

Smaller Co. Emnpt-.[l03J 
USX. Exorei— Il342 



a HMnHr C«r- , EMregN 3 

Qrr- Aroenusn fW5 

Cfr-Cjpa.il 210 

Cres Unn.Dra «9 

Cre. JntrmaeoMl 79.4 

Crr«.Pttcr*n 534 

Crev. ToImi. M9 


jii] 

5S 

J6J 


031-22b3J^ Uie Stock EjUtmw. LondsnECNlHA 5882000 



LAC Inc. Fund 
L&CImlAGmFd 


. . UJ09 
I „|109.0 


1743. 

nail 


J 


633 

1XS 


oatlngton Un» Trust Mngt Ltd. 

Brirtqe ClwmtiM\ asratapte. Orson 0271 75324 
TqUI Pert. Unit TslEIO 257] .... \ SJO 


Legal & General (Unit Tst, Mngrs.) Ltd. 
Sl^rlritpi BA, asms sBod 0277217238 

Equity [V. 192L8 10LM +1.4I 45 6 

EtMOyAtt. 11433 Wj3 t2jS 456 

Gdi™. hai 1343 712 


Outlier Management Co. Lid. 

31-05 CnMuni Stem EC* 01X004177 

ftonm Ceo. Fd. 067J 17«M 4 3A* 

feuftam inconc - |U17 135a .... ! ■ ^ 
<fca*wt««tt Fred...M5.4 Waa} l 1«! 

OusoniHKOrey 1 120 1 1235 
Reliance Unit Mgr*. Ltd. 

RNlrcr H!c v Tisrindse Wri6, W 
BntWilrtK ... (690 731 

Etai***U ...... . 57.4 (0.4 

BLDnwicnd- Hb.1 40 8. 

‘Piiu*. opm 7 Nett Jpnl 1« 

Opponoriri Finn ...145.1 iflieT j 541 

SritordrTM. . 57.1 bt U-rfl* 481 
SetdtareeVl ire. feb 5203*0^ CS3 

Ridgefield Management Ltd. 

1 Flmtsoy Sq, EC2A IPO 01-5886906 

meowilT. . . 1759 Rl tl -051 W 31 

ImcmsMnd llT — 1HJ5X HAU -oil Itfl 

Rothschild A net Mw a gement (a) (b) (z) 
73-8Q, Catelmiec Rd.. Attebury 029b 5941 



Leonine A dminh tr at ion Ltd. 

2. Si May Aar, EC3A88P. 01 ^>23 6114. 

135 i) +431 0.46 
14041 +5JI 0.4b 


Discretionary that Fond Manag e rs 

12.16 36-38 New Broad SL EC2M1NU 01-638 MBS LcoDrorfeutloi D27 7 

Oac.Inc.MMi2bJ27L5 2*931 J 437 U5U 

285 

am Dunbar Unit Tract Mmgers LM. Uoyds Bk. Unit Tst Mngrs. Ltd. (a) 

53. Pall *MI. LondoiL SVA SJH. fft-9302122 5 * 9 * 3 ™^. Beplj. toinoby-Sea. 


Income 4. GrwUa 017 

Special Sms 15.9 


23. 

25.. 


+0.4 


VtttrthnaWfel&ure. 

Balanced ,..|7a4 

Dn.(Aixwll> 122.9 

Enemy Inc -pB3 

Oa iacomto 09.7 


E. r. VMnctefar Fond Mngt. Ltd. 

4.42 44. Boorrsnuy Square, WC1A2RA 01-6238893 Extra Income 
633 Gnmt Wflnmesrer 1209 23^ ..._^ 7.40 


Cl Wina ea r O'ras-PlX 


34X1 


159 


Equity & Law (Jn. Tr. M. (a) (b) (c) 


Anderson Unt Trust Haagm Ltd. 
62. LmbrWUI, EC2R7DQ 
Andenan U-T M6.1 


CURRENCY MOVEMENTS CURRENCY RATES 


AmecJiam ftt. w^i Wr tonte 
UKCtMh. TsL Acc__(56A 

UK Gwttv To. Uc S 66 

Highrr Inc. TsL Are. . 593 
Higher Inc To. Hk. . . 593 
01-6381200 GH»JF*d.lnLTa_Acc 54.4 
TUd I 347 C4ieVFntlre.THJnc.B3 
1 NtKAirvncaTtLAoc. 527 


For East TsL Ace _J0.4 
General Th. 


OW433J77 


MU +1J, 
MU +X4j 
637 +E3 
6J.7 +l3 
572 *0J, 

56.1 +0.7 

b&fc +011 

45.1 -OJ 

mix +L8 


474 

in 

80S 

bjn 

630 

lub 

1X3 

483 


£S 

On. (Acorn.) — 9*3 

lio m r 101.7 

Do. (Attum) — 1576 

ire. TnJxiotoay IbA 

Do. iteaxn.1 77 a 

N. American & Cm 47X 

Do. lAooan) 0&5 

Paeflc team «5 l4 

Do. lAccren (45A 


SnuH Coo & Recy 593 

Do. 'Acnmi K24 


s April 7 

Bank of 
England 
Index 

Morgan 

Guaranty 

Changasft 

Starting -i 

90.0 

-383 

UA. dollar. 

116.1 

+«. 2 

Canadian dollar.... 

88.0 

—18.1 

Austrian schilling. 

116^ 


Belgian franc-. 

84.8 

-3.1 

Danish kroner. 

83 J 

—13.8 

□an tec he marfu. 

123.2 

+46J 

8wl>m frano.. 

150.9 

+ 103.1 

Gu Ildar 

114 JS 

+2U5 

Franoh franc 

78.6 

-16-3 


S4J2 

— 08Jt 

Yen 

154J 

+2BJ 


Ansbacher Unit Mgnd. Co. Lid. 

1, Metre St, EISV 7JA. 01-7269931 

igfeSj J 103B Fidefity InternsBonal Maua getuetrt lid. 


UtarfonMr GretlL. H33 

Do. vAccun) 1 1123 


01-6231288 


M3! 


1321 

415 

4X6 

71- 

1015 

1093 

3805 

szj 

Bib 

507 

S2J 

SI 

639 

67.0 

89.7 

12071 


+lfcJ 

+t'3J 

+03 

+l3 

+r~b 

+t>.3 


tof* 


4i£ 

4.62 

2.73 

7.73 
R 45 
6.45 
687 
667 
033 
033 
1.42 
142 
0.50 
030 
2.98 
29B 
249 
249 


N£. EnoyRnTu 
M.C. looodw Fd 

MC.Afnmca(lnc.i 
US.AnwrcaiAai 
WC.5ma8rrC05- _.f649 
Rowan Unit Trust Mngt (a) 
City (ade Hse.. Fmsh** So. EC2. 

American Apnl 1 — .11020 
Scant** April 16-. 2710 

Ktgii Yield April 2 560 

M<rtlnAprti7 1290 

1780 
I06D 
1109.0 


Msrtln April 
UUxum Untol.... _ 

Fired IM 

Htghija...-. 



1090| *201 13 JO 


Royal Ufe Fd Mgrat. Ltd 

New K»il Pure, Liverpool L693HS 051X27-4423 

E<a»ry7ru5t_. I 2S0 | .... J - 

Pwfiuuonrt Tru*._.| 250 I..J — 

Royal Tst Can. Fd Mgrs. Ltd 
48-50. Cremon SL. London EC4M6LD0I-Z360OU 

Capital Fusd QUO 1U8»4 I 3 71 

Inane F»kI — |77J .. I 7.59 

Price, oa M*t* 3L Next denreg anr Apnl 13. 
Save & Prosper Group 
4, Grew Si- Helm, London EC3P 3EP 


68-73 Queen Si- EdbOwgh EH2 4NX 

01-554 8899 or 031X26 7351 


Drel li i ui. w 


lie- McretOyFirt ..jlbbO 


LMsX£en.RL.. 


Bank 


on trarip mlgiitad 

ra ow re Da wm ba r . 1871. 
of En g land Index ( b a a a 
10P). 


April 6 

Bank 

rata 

2 

Special 

Drawing 

Rights 

European 

Currency 

unite 

fttwrtlny 

««. 

0.852642 

0.665826 

UAL 

18 

1.10997 

0.99 1046 

Canadian 9. 

15.32 

1.3 63 82 

1JZ700 

Austria Sch. 

6tg 

18J306 

16.8081 

BofgianF^. 

13 

50J647 

45.1495 

Danish Kr-m 

n 

9.16448 

8.16373 

D merft— . 

?fti 

2.67980 

2.39238 

Guilder.^.... 

8 

2576717 

2.65184 

Franoh Fr^. 

94 

8.96506 

6.21781 

Ura 

19 

1471^7 

1514.13 

Yen 

6ts 

276J972 

246^83 

Norwgn. Kr. 

9 

6.80412 

6.07016 

Spanish Pts. 

8 

118.933 

106^80 

Swsdlan Kr, 

10 

6.60377 

6J02B6 

Swiss Fr. 

5l» 

2.18131 

1.94641 

Greek Dr’ohJ 

20 it 

— 

62^710 


20, Abctoch Lane, London EC4N7AL. 2839911 
Anthony Malar Unit -Tst. Mgrat. Ltd. SSSSS^nS'&T 
19, UAdegate S l. L ondon, El 7HP- 01-2478827 Sn& FUrf EiTTi 13-15 


Lloyd** life Unit TsL Mngre. Ltd. 

%SL May Are, EE3A8BP 01-6236114 

EaunyAccMRC (2) — I28LB 296.7) -6.7] 391 


VMMrrGwdiFa. me- 
et*. Accum. 


W.d 2? 


280 


Artrethnat Securitte* Lid. (aXc) 

37, (kieaiSL, Lareton, EC4R 1BY. 01-2365281 


GroMhA Imxne Hi 

Japan Tnuul, ZL4 

Max. Inc. Ed- T sL— 30.7 
Spec waste 018 


373 +04 7.12 

Z3X +02 — 
33 X +0.1 912 
43 a +Oll 057 


Local AnthoritMs* Mutual hnresL TsL" 
77. Lemon wrei, EC2N IDa 01-5881015 

Property Fd. Feh.28.| 159.75 I . „.i 680 

WiCkT Fifth. 28 276JS . . . 1 5X1 

ta nu —1 F0.f«0.2B..l 74JO [ . | 13.70 

MfiuoOxxtsea Axputtr on)y ta Local AoMrete. 


*71 

.67.7 


CapKai GroreUi— t»b 

rAcuumlaUon) 33 3 

Conxnodlty — — »_ 64.7 
. 103.4 


(103bWtUxiraaai>._te3 


OTHER CURRENCIES 


EMS EUROPEAN CURRENCY UNIT RATES ^ ril7 


ECU 

centre! 

Mbs 


Currency 
■mounts 
against ECU 
. April 7 


.X Chongs 
front . 

- central 


% change 
adjusted for 
dhrergonce 


Dfvargonce 
Kmh % 


Belgian Franc ... 
Danish Krona ... 
German D-Mark 
French Franc 
Dutch GuildBr,... 

Irish Punt 1... 

Italian Lira ..... 


44.8963 

8.18382 

2.41816 

&1B564' 

2.87298 

0.686739 

1305.13 


45.1881 

8.15987 

2X8267 

6X2338 

2.85388 

0.891876 

7315X2 . 


+ 1.10 
-0X9 
-1 J6 
+0X6 
— «L7t 
+0.71 
+0X0 


+ 1.11 

-0X8 

—1X5 

+0X6 

-0.70 

+0.72 

+0X0 


±1X440 

±7.6428 

±1.1087 

±1X743 

±1X069 

±1X888 

±4.1242 


X 0,5 63-20, 608 tl 
1 1.6780 1.6300] 
285X0X64.9^ 
8.153X.166«| 
108X79-112X1^ 


Changes am for ECU, therefore poaltiva change denotaa e 
. week currency. Adjiinment cilculind by Financial Timea. 
Srarling/ECU rata tor April 7 0X64220 


Argentine Paso_ 

Australia DoHar_ 

Brazil Cruzeiro... 

Finland Markka^ 

Greek Drachma^ __ 

Hong Kong DoUanlQXB- 10X965 

(ran Rial «.i 140X6" 

Kuwait D1 nar (KO> 0X01-0.807 
Luxembourg Fr_! B0XD-80X0 , 

Malaysia Dollar... 4.1300-411370^8X410-2X440 
New Zealand DlrJ 2.30 53-2.307 5, 1.6080.1X095 
Saudi Arab. Rlyah 6.00-6.06 5.4290-3.4310 
Singapore Dollar ' 3.7660-3.7730 2.154X8,1570 
Sth. African Rand 1.8635-1X860 1X575-1X666 
UJLE. Dlrtiam .. J 6.43-6.49 3X715-3.6735 


11,650-11.7001 

0X625-0X630 

149X7-150.62 

4.6280-4.6300 

63X0-63.40 

5X270-6X320 

82.75* 

0X8B9XX871 

45.5345X5 


Austria.-. 

Belgium. 


Denmark 

Franca. 

Germany 

Italy.. 

Japan. 

NethsrtOiKls 

Norway 


Portugal . 

Spain 

Sweden-. 


Switzerland .... 

united Sti 
Yugoslav! 


£ 

Ua«a rlalna 

NOio raw 


Etetero S haerealL.. 

ibrfeWtttrtareaj 28.9 

Extra Income 843 

fAcnoiWaiion) 110.7 

France U Property _ 25.0 

Foreign — 1318 

Get 4. Fined — VA 

(Accwmlatoni — — *aa 

Hi^i Income 55D 

(AcomiUtlm) 64J 

WlrhCravral).. 463 

HI* Yield S7.0 

rAceureOadce) 739 

Nartti Americantt. — 363 

Prt i e-erec 193 

(Accuntutadoo) *«J 

SrreUerCDnvanM.. 09 
(Accanxiatianl. 1*3-3 


350a +0.31 
35.7b +03 
695 +LL 
llii +id 
48.fi +o3 
47.9b +03 
319b +az 
91X 
1191 

2U ..... 

i4i.i +db 

** 

6^S 




78 43 -O J 
47.1b 


322 


240 

2.40 

240 

LOO 

LOO 

1LU 

12J3 

501 

LOO 

12.01 

t?m 

9.95 

995 

9.95 

1259 

1259 

1 DO 
1*52 
1452 
324 

3X4 


dames Flntaj Ur» Trust Mngt Ltd. ii . e<! , „ „ ^ 

10-14 Wee NMp Street, GUBgoa. 041-2041321 M & 6 Group (yXOfe) 

■ +L2| 2JA Thrrt- Quoys Toavr HtB, EC3R 68Q 01-6264588 
♦1« 203 

-QA 963 

336 

+03 335 

-1 6 ST 
-2J 597 


J. flria* IMnren _.Q5B 

flenim. Limp. M b 

J. Frriay Hijh tone. 37.0 
FinUyWtd Energy-. 131 

AcOUTX Uah 17J 

J. Finlay Fd.ln.Ta 401 

Aram urea. 539 

Pnces m April 


Next dealing Aprl 14. 


29.60X0X0 
88-911* 
14.54-14.48 
11.01-11.11 
4X1-4X6 
2296X320 
434-439 
4X7-4.72 
10.71-10X1 
124 1|- 131 
16114-193 1» 
10X6-10.43 
5/43-3X7 

1.75M-1.7714 

9099 


Aictmoy Unit TM. Mgs. Lhl(aXc) 

337. H** Hottjonr. WC1V7NL. 01-631 6233 
ArobM^Rmd_^.-.-.|113L3 . 123-Z! L .__.| 653 


Franttngian Urit Mgt. UxL (a) 

64, London Wan, EC2M5N& 01-62B51BI 

' 0.91 
091 
218 
218 
4A2 
*12 
953 
953 
854 
699 
1.41 
141 




96.0 




964 


Am T**rauml__ 

(Occur n Unte) 

Creel Ts _ 


880 

880 

*02 

(Accum Ur«c.i 

Convertible &GIR 

(Acoxn. Unte) 

Extra Income Trwt_ 
Inranr Ta 

§ 

520 

WC 

sex 

4oi 

+04 

+a< 

+CU 

lift. GliMli Fd. 

tACOffLUtfe) 

02 

+02 


April 1. Nut «TO. rriy Aprs a 


Arkwright 
nq ve nu e Gdre. Mewhsra r 
Arkwripe Fd. April * 0043 


Robert Fraser Trust Mgt Ltd. 

28b AlieirBrieSI.. W.L 01-493 3ZU 

RDfaL Fraser UL TsL (70.4 


7S.4J _ .J 690 


11191 


06!-ffl423K. Friend* prov. Trust 


X 4.75 


t Now one rata. * Selling rate. 


EXCHANGE GROSS RATES 


April 7 

Pound Gfrling 

UA Dollar 

Dautocham'fc 

Japan*aaYar 

FranohFranc 

SwlssFranc jputeh Guild 1 

| Italian Ura jOanadla Dollar 

jBalglan Franc 

Pound Starling 

UJ. Dollar 

1 ■ 

. M68 

1.762 
, 1. 

4^53 

2.415 

4335 
24&0 . 

11.075 

6^85 

3.463 | 4.713 

' 1.965 ; 2. 678 

2332. 

1323. 

2.173 

1-235 

8026 

46.34 

DautSTheniark ‘ - 
Japan ase Yen 1,000 

0235 

£.307 

- 0.414 
' 4.066 

U 

9*16 

101.0 

1000. 

2.605 

26^5 

0.814 

7J87 

| 1.108 
10.87 

648.1 

5379. 

0J511 

5.012 

15.86 

155.1 

French Franc 10 - 
Svriaa Frano 

03)03 
0M0 . 

1391 

0J5O9 

3.042 • 
L229 

501.4 

128^ 

10. 

3.199 

5.126 

1. , 

4*56 

U61 

2106. 

673.5 

IMS 

0.627 

72.46 

23.18 

Dutch Guilder 

ItaHen Ur* 1^300 ' 

-OJI12 

0.429 

0374.. 
0.756 _ 

0J9O3 
- 1-880 

. 91J99 
■ 1B5.9 

- 2.360 
- '4.740 ' 

0.736 j 
‘ 1.485 . 

1.' 

2.021 

494.9 

1000. 

0.461 
0:032 - 

17.0S 

34.41 

Ganactar Dollar 

Belgian Franc 100 

- ~0.4«0 
1.246 

0311 

2.196 

1JH59 - 

8.302 

100.5 • 
540.2 

6.098 

13.80 

1.594 
4^16 - ! 

2.169 

5.872 

1073. 

2906. 

2.707 

36.94 

100. 


Bmcteys Unicorn LitLUXeXs) 

Unicom Ho. 252 feaidord feL, E7. 02-5345544 

Ueia>n America [37.9 407) . ... J 150 

Dn.Aua.Acc. 922 99.1 +24 1.91 

Do.AuSLfre._-. 69.7 745 +17 L91 

Do. Capital -91.9 961 +19 5J3 

Do. Exempt TO. 1512 1525 +21 645 

Do. Extra Ireome — 30.7 33.0 +05 996 

Do. Ruanda — 985 105.9 +L4 491 

DC. 500 1075 liSfe +08 5J4 

Do. General 90 47 Jm +04 600 

Do. Grit & Fxd loL Inc. 461 47.7a +94 13 J 7 

DO. Gtr. FteOc Acc_ 44.1 47.4 +<L1 058 

Do. Or. Padflc Inc. _ 449 *73fl +02 058 

D0.GKMU1ACC. 713. 766 +L< 4.49 

Do. Income Trim 1164 '- . 2261 +19 639 

Do. Prf. A'fR.TsL 55.4' SB.1 +12 XfS 

Do. neoatery — b65 715 +09 459 

Do-TruOreFurd 1686 36L2 +13 551 

DaWTAridelO 520 555 404 180 

artsMn.RLAtc. 1125 120.7 +13 5.46 

Do. Income 0*6 9091+191 146 


Pbrfom End. DorUriB. 
Frienrtt Pro*. Units . 1700 
..(1095 


Ameocan 716 

tAccuffl. Units) 7E5 

Amenoxi Reccmery— B25 

lAuaxn. llr*ts> 859 

AiEirrtoLm- 627 

iAccum. Urns.) £63 

Conwicxfity 1115 

tAccim 1MBI 1342 

COROQuPdGrowBv.. . 1729 
c o n rersx B i Gromit- 1166 
Comers** Income..- BOO 

Dtxkfcvd 1361 

■Acxwn IMai 3303 

Emcpem W* 

(Accixn. Urvb.1 _. 669 

Extm YMd.__ BS5 

<Acmm. Units) 148.9 

Far Eastern 105 4 

(Acaxn. lintei.. 123.9 

Fund of Inv. Tfc. _ 922 

lAttuRiUritO 127.7 

General 2331 

(Actum. UnteJ *226 

GOt Income 475 

(ACorn. Units) - 52.6 

Hrgti Income 1189 

(Acorn units) 2SL9 

Japan... 1806 

(Acorn. Units) 1905 

Magnum 324.4 


Do. Acorn 


(aXbXc) 

Tel. 885055 tAcom. Units) ... k509 

74 81 +11| 4 17 Mufarel 1806 

lilS +L7| 417 (Actum Umts) 370.7 

Recoxery 1294 

Funds in Co«+* ^n UnteL V»2 

PtMtcTneaev, KinqMyy, WC2 01-4054300 5SmuS“:w! 

Capital April 11 U49.7 15061 .... 4.99 a^rCaSarir^ V ?515 

Grcmtti Inc. April 13 .(§26 XAN .. .. J 1205 wSnfflT »95 

High Yteid April 11.. W9 98M . ...J 1U7 

'UreatlL Ikoricted to imnes order Out axcroL 


7701 
844 
8S1 
918 
67 1 
709 
U9J 
14X6 
186* 
127.J 
856 
1515 
3609 
644 
725 
932c 
1623 
112Jfai 
1304 
10115 
139.2 
2506 
4545 
49.7 
552 
1263 
2695 
19X2 
2038 
3349 
4801 
1932 
3967 
1385 
1596 
2778 
4806 
2B5J 
4025 


-12 

-OS 

-o« 

-74 1 

-5.g 

I 


-Jffl 
—4 ffl 
+111 
♦ 1.1 

-7.tf 

-x« 


254 

254 

L75 

175 

202 

202 

3.49 

349 

1 % 

2.7B 

921 

885 

895 

XSR 

358 

9.45 

9.45 
161 
161 
521 
521 
639 
659 

1248 
1248 
a SB 

a sb 

054 

054 

553 

553 

80* 

8.04 

4.46 
446 
5.45 
5.45 
458 
456 


CWUL. 145.7 

iTu 134.6 

Select lreernreKBj|..[3366 

Unhr. Growlti |794 

IncicBiH I nrn g re FinaAx 

HlOh-YWd K81 

Seed Income 1628 

Mob Incan* Fbnd 
gir&Fmi Ini. Ire.. 

nxyi Rmm 

Income ... — 

UL Fonda 

GiitiFxd. Ini.Grth.. 55.1 
UKEremv 1632 

M. 

Europe . 

Jreon. 

5.6 1 
US. 

S ector rm xfc 

Comnxfits — . ..... 

Energy. . .. 

Exptamiirei I 
FnwLai>«c>... 

Mum Tc c t u xfi my ( 


494] +Q 
37 41 +D 


Europe . ..17* 1 

Japan |U1 1 

5.E. AsU . 725 

LLS |ll66 

r Fink 

mat) ..107 4 

v uu 

raiimFuBc 1 {280 

cue sec. 1013 

( BitU tnui ..tej 



Fixed- Interext Fnl (1) 
mtl Bt*id Fit |W« 


63 fad -061 2J0 


729 

1T3 


►OS 39h 

►ig 793 
r07f 4 71 


Exmvl Income ■ 

Eienvl I nil ■ 

Fines Atocn 34. Next u*l day Amd 1*. 

ScotMte Securities l 

ScrtUts [47.9 5171 +0j 

SmtyWM P39 $794+12 

Scotdmes BL6 88^+01 

Schroder Unit Trust llnagn Ltd. 

4(1 SI. bfertins Lone, WC2 OnVoari 0705 27733 

Capital 11677 18051 -92) 290 

(torn Units) 230.1 236 d +04 240 

income Fnl 2525 2714+47] 752 

I Acorn Units' <619 

Gen.. 1435 

Ifkzren Units) 1995 

Eiappe 23.1 

(ACCUIL Units) 285 

Smarter CoS 162.7 

(Acum Units) 162.7 

Aimrican. 54.7 

(Atxum. Units). — _ 54 ft 
Tokyo |519 


Trustee . 


GlT. Unit Managers Lid. 

lb. Finsbury Qrous, EC2M 701. 


G.T. tnc.Fd.Un 19L4 

'GXilXAGen, 2159 

GLT.VMW.Bd.Fd. 99 4 

6.T. Japan & Gen 11110 

Gl Pens. Ex. Fd..— 342 


Baring Brothers & Co. Ltd. 
a Bdtopsggv, EC2H4AEL 

StraaonTrua 064.0 

Dn. Acorn. 0668 382/ 

Next sub. day April 27 (by 


G_T.lnn.Fimd 2202 

&T. Far Eos &Gen. BBS 
G.T. Tech. & G«. Fd. 8*5 
G.T. European Find- 95.7 


04X7 

T90.9 


1545 

2052 

205.7 

23U 

102.4c 

U&2a 

3GL7 

367 

451 

969n 

1022 


(Actum. Unite) 

Deribond April 7. 

01-6288131 Chartfund April 6 


393 

390 

450 

150 

990 

090 

270 

190 

1.70 

0.90 

490 


Pnna Ex. April 5 -11848 



Manulife Management lid. 
SL Georges Way. Stevenage 

GAt&Fxdire. 1608 

Growth Urats 0bJ 


(Accixn. UnltJ 519 

GHt&Fixed >-..473 

(Actum. Units).— 517 

Australian 422 

tAcom. Umts).. 439 

Smsapon-B. Malay -.468 
tAcxum. Units).— . 469 
P &CFd March 3L. 2542 

7 Mar. 30— 3055 

■Spec Ex March 30._ 7742 
‘Euro Ex. MariiXl- 1129 
•Far tax 


4465 +97 
1541 +15 
2142 +JJ 

304 +0J 
1T6* +11 
174.1 +11 
sue +9.3 
58S +05 
548a +06 
549 +06 ___ 

49.7 *<15 1207 
54.4 +06 12.07 
451 -OF 4.C8 

46.7 +0.«1 4.08 

502 +02 153 

502 +02 153 

2732 .... 456 

3284 .... 429 

5091 . 200 

mid .... 329 

lixxADriy. 


732 

398 

188 

419 

419 

265 

265 

068 

068 

080 

090 


043856101 Scottish Mricabte inv. Migts. Ltd. 


sad 


4 JO 

4.43 


01-2838833 6. & A. Tract (a) (g) 
429 5 Raj>e i st) R ore t Btenewpod 
a«A. (469 


429 


(0277)227300 
SON+lX 558 


Mayflower Management Co. Lid. 

14-lft GneslHmSL. EC2V7AU. 01-6068099 

Inromr April 5 IU50 12111 J 895 

H J 4 “ 


I nd. April! 


4.41 


Kshopsgate Progrenve MgmL Co. 

Stock Eadmnge. Londoo. CC2N H13. 01-5886280 

B*qree -Mat*23._to59 30991 J 390 

ACctMXS “March 23- 3676 399^ 3.40 

8- w Ml Mjrtri 30. 3353. 36091 .. -J 198 
Ctetml Math 30- 3927 J T8B 

BeOonanlmi.C*i 10L5 10471+111 — 

tea ml tbgr AUTO 20 “April IX Otfcetdr desfcigL 


FT LONDON INTERBANK FIXING (1 1 .00 a m. APRIL 7) 


Bridge Fund Ibnagen (aXc) 

Regis Hse. Khra WHBam St. EC4. 01-6234951 


3 months UJ. Doliare 



6 months UX. dollars 


(rid IB 8/8 


bid 15 8/8 


offer 15 1/2 


The fixing ratee era the arithmetical means, rounded to the nearest rets sixteenth. 
_nf the bid and offered rates for SI Ora quoted by the market to five refarenco banks 
at 11 am nch working day. The banks are Notional Waetmlnstar Bank, talk of 
Tokyo, Deutsche Bank, Bsnque Nationals da Paris end Morgan Guaranty Trust. 


Amer. Gm.r 340 

Income • 59.7 

Capital Inc* 526 

Do. Act* 64.1 

Exmx* — r ._ 158.0 



EURO-CURRENCY INTEREST RATES {Market closing Rates) 


April 7 - ' 

. starting • 

- UA 
Dollar 

Canadian 
' Dollar 

-Dutch 
- Guilder 

Swims 

Franc 

D-mark 

Franoh 

Franc 

' Italian - 
Lira 

Belglar 

Conv. 

Frano 

Fin. 

Yon 

Danish 

Krona 


IITb-ISIb 

12U-12ft 

134-131* 

1388-135, 

135,-1378 

138,-1378 

14ij-14ft 

143,-15 

1514-158* 

Wfe-1588 

1588-158* 

I5A-15* 

14-15 

14-15 

16-168* 

164-165* 

164-168* 

164-1618 

84-8 

84-888 

P J Q -1 

818-84 

3-34 

24-34 

4dr4A 

9-94 

a '»-9 4 

8fS-Bto 

17-19 

21*26 

224-244 

28l S -244 

214-284 

19-20 

18-24 

234-294 

254-2888 

264-264 

834-244 

24-25 

13-15 

134-184 

165,-184 

174-184 

17-18 

16ta-174 

11-13 

13-134 

144-15 

164-134 

1418-164 

147S-J84 

84-64 

84-64 

64-64 

64-67, 

64-67, 

64-67, 

204-214 

204-22 

194-212* 

19-204 

18-194 

17-184 

7 day’s notice -. 

Month 

Three months. — 

Six months. 

ona.Yaftr- - 


Ml. Recoxery lnc4_fS 9 
Do.Abc4.u_— -4303 

Ming 'lues, 9H «h»v 
tPrto Meth XWAcxS L 

Brttonna Gp. of Unit Tmstt lid. (aXcXg) S’SL!v£lee2 

ajgsrua^ 

UK Spcdadat Fimds SL Europe* Aferj » 

AsmW-T ~ - HU • -1199 +151 496- - "tan 

«&=&? mM tfi 


Bar ( m ore Fund Man ag ers (aXg) 
29L kMry Axe, EC3A88P 
DeeOngcaiy 01-623 5766/5606 

American Tiwt [402 43^ +0. 

Australian Trust —198 202 

&UM1 Tsl (Aff.) .. 1152 

British TsL (DM.) 11026 lia4 +1, 

Corrxnodtty Sharr 085 41> 

Extra Income Tst E3.9 25B 

Far Ease Trust _S6 5&5c 

GIO Trust B26 23ia 

High home Tst §L3 62.7 

Inccxa? Funrt &96 964 

Aqendar. Sl794 IBS +01 

SSth. Exenet-lll&l 1289 b + 2.6 
5X3 +41 
526 +41 
32.7 +CL5 
419a +04 

3M+4si 


lnc. 4Grth. Exoipt.. U&l 

l nd. TsL(Acc-) 49.4 

imi-Tst-tna.) 489 

Japan Trust 304 

Special Sks.TjL.__,. 339. 

DKSm.Cenec.7rua. 2&5 


McAnafty Fuaxl Man ag ement Ltd. 
RrgisNse., KhtgWUriamSL, EC4 01-6234951 

01-6236114 DetphUuc-TsLAcc.-^. 409 1 972 

5eENtic.TSLlgc-.-pT 27^ . ...1 972 

Glen Fund Acc M67 11XH -OJ 458 

O*" FixbJ Inc. —_„ro2 7a3-0.il 458 


150 St Vincent St. GLoaour 0*1-2482323 

E»*y Trust Accgm...|1119 1205) +2.4) 950 

Scottish Equitable Find MgK. Ltd. 
28SLAmhmasSq.EiB<*u4i 031-5569101 

Income Units [629 £ 6 Bd . - J 5.40 

Aram. Units [84.0 «5d ...J 540 

Ogdeg dw Wxrestiy. 

Scottish Widows’ Fund Mana g ement 
P 0. Box 902, EMwnhE3llb5BU 004556000 


UL9I-64 - 


Mercury Fond Ntasgm Ltd. 

34 GrashmSt, EC2P2EB. 01-6004555 

Gen. Dis »5 .7 

Gee. Are. UZ73 


Pegasus Tsl April 7.. |949 
SIMCO Money Funds 
66. Cbuoi street. EC4N 6AE 
SlMCOCjflFunat — 11000 
SIMC07-OnyF^«tt.lMO 

simco s rl (7dar>r.. lussuoao 

tUmuOwaed— Cam Orpoui FnmK 

Stewart Unit Tst. Managers LhL(a) 




01-2361425 
1267 
1359 
1350 


Inc. Ret. , 


InlLDisL 

Ind.Att.. 


ExpL D)a. April 17 _ 

ExpL Are. April 17-.-IU7 7 
GUtFimd fcOO 


571 

*99 

»o 5 


939 


615 

95.9 

n^3 

885 

1226 

609 


3L27 
327 
752 
3J + 
3.12 
425 
.- j 43 

+iii - 


+45 

-41 

-OJ 


031 -22b 3271 


10L7]+Ld ZB* 


109.9 

214JI 
254. Dl 
B9« 


*1-51 


+13 


597 

597 

264 



SDR Unked deposits: one month 13V14- per cant; throe months 13Vl3“i» P« cant: six month* 137 J *-13 B «. par cenc one year 13*»-I3t» per cent. 

ECU linked deposits: one monrfi 14°»*-1 o*» per cent three months 14V14“» per cent; six momfis 14-14 5 * per cam: one year 13^*-13**j* per cere. 

Asian S (doalng rates In Singapore): one month 15V IS** per cant: threa months TS*i^15V par cant six month* 15*j»-1Fp per cent; one ysar 15V-16^ per 
cant. Lone-term Eurodollar «no yeere 15Vl6*» par cone Three yaw* 15V 15^ P*r cent: four yeena 15V15\ per cent; five yeere 15V V5V par cam nominal cinema 
race*. Short-tenm re re* ore ca« for U.S. doNara. Canadian dokara and Japanese yen; others two days’ notice. 

The toHowing mhos were quoted tor London doHar certificate* of dcpos4U on* month 100-15.00 par cent three months 1490-16.00 per cint: six months 1495- 
IS.fB par oent; one year t4. 95-1595. 


CcxrwTxxfily aiamx— yP 06 
FlivadalSMS 1 " ' 


. , - 98.4 

Gold & General 1356 

Inv. Trust SK»B 609 

-Minerals 575 

SS? Derqy— 5X4 
World Tech- ; ^.EZ.7 


MONEY MARKETS 


GOLD 


London rates fall Small rise 


London clearing bank base 
leading rate 13 - per cent 
(since March 12) 
interest rates declined in the 
London mopiey market yester- 
day as sterling showed a firmer 
trend and the gilt-edged market 
recovered its poise. Three- 
month Interbank money fell to 
13}-13} per cent --from 13J-14* 
per cent, and nine months -and 
a year, to 13*5-13$ per cent from 
IS 13-14 A per cent 
Seven-day funds eased to Hi-' 
X2J per cent from 12J-13 per 
cent, encouraged by better-than- 
expected conditions as far as 
day-to-day credit was concerned. 
Th& overnight rate opened at 12- 
12 J per cent and feU -to a low 
of $9 per cent, but closed firm 
at 12-13 per cent following the 
lack of any support from the 
Bank of England In the after- 
noon. 

Discount houses, picked up 
most of their day-to-day require- 
ments at 8-11 per cent bnt one 
or two houses were forced to 
pay up to 13 per cent for small 
late balances as rates tightened 
at the dose. 1 

In the morning the Bank of 
England forecast a shortage of 
£160m, and suggested that the 
mg|or factors were: Mils matur- 


ing in official hands , and a net 
■ market take-up of Treasury bills 
— £146m, coupled with an in- 
crease in the note circulation 
— £107 hl These were partly off- 
set by Exchequer transactions 
. +£89m. 

All the assistance for the 
market was provided before 
lunch, when the authorities 
bought £78m bills. The help com- 
prised £lm bank biisl in band 
2 (15-33 days maturity) at 13 per 
cent; £13m bank bills in band 3 
(34-63 days) at 129-120 per 
cent; and £64m bank bills in 
band 4 (64-84 days) at 12A-129I 
per cent. 

Xn Brussels the Belgian 
National Bank raised its bank 
rate by 1 per .cent to 14 per cent. 
Bates' on ordinary advances 
under current account arrange- 
ments. have been increased by 
1$ per cent to 15 per cent The 
moves, are intended to eonsoli- 
date.the Belgian franc’s position 
and defend its parity in the 
European Monetary System. hTe 
last change in Bazik rate was on 
March 4 when it was cut by 1 , 
per cent to 13 per cent 


Gold finished $39 an ounce 
higher than Tuesday's close in 
the London bullion market yes- 
terday at $352i-353* but this 
was close to its worst level of 
the day. The metal reacted to 
selling at the higher levels and 
a slight defusing of tension over 
the situation fa the Falkland 
Islands. The opening level of 
S3571-35S4 was. the high for the 
day and the metal finished 
around its lowest leveL 


In Frankfurt the 12 J -kilo bar 
was fixed at DM 27.715 per kilo 
($358.01 per ounce) compared 
with DM 27.015 ($348.01) and 
closed at $353i-354i from $345- 
$346. 

In Paris the 12 J- kilo bar was 
fixed at FFr 71.000 per kilo 
($352.37 per ounce) fa the after - 
non compared with FFr 72^50 
($358.47) fa the morning and 
FFr 70,000 ($34636) on Tuesday 
afternoon. 


American Growth — 42.9 

Am. SncDer Cos 60.7 

Am Spec Ste. «L2 

Far Ext ZR1 

mxig Kb. P r rim n M — ZX5 

Inti. Growth.-/ 735 

Japan Peri.Ttt [Til 


Capiat Are 759 

Comm. 4 Ind 585 

Domestic *8j6 

Growth 953 

ProlewkraL BHL7 

StMtd 554 


For Britfeh Ute Offla 




HUM Bank GrtHV- . 

Unit Trust Managers Ud. 

saver sareLH^ 


Grieveson Management Co. Ltd. 
S9Gr*«mSlm«.EC2P2DS 0X6064433 


terrtnqlon April 7. — 3395 

(Accum. Unilsl 444 

BrVn.H.V.Aprtll_I755 
(Acorn. Unii) 269.7 


Barrytn. Gill Apil 16 
IAccum. Umts) 


197.4 


Barrotn.&/^Fir2. 

(AcCren. Units) 14 

Eritow.Aprtt 389.9 

■Aram Umts) «W.l 

Graw cs tr. April 1 U&B 

lAram Unfe: UT8 

Ln. & Bnre. April 7— 90S 
(Accum. UBlts) D10.7 



481 

2- 81 

9.93 

9.93 

1289 

1289 

4.13 

453 

209 

209 

297 

297 

X49 

X49 


Do. Are. sa« 

QmnodKy&Gen..-. *36 

Do. Are 1072 

GHt&FxtL Ire. <42 

Do. Are.— — 50.7 

WgiiYieia 606 

S a? 


DO. Are. 


67.9 

Jreanred Pacific n33 

Do. Acc — hSJ 

North American 47.0 

Da Are 532 

Oroneas Growth 428 

Da. Are. q95 

Eanty Exarei- 1328 

Da. Are * bSL2 _ 

•Prices at April 2 Next deoNng Apr* 9. 


45, Oartotte Sq, feflMaa^i. 

TAmerican Fori. — 195.7 

Accum. Mis _.lil)45 

WftMnmol Unte ,._.|78 6 

*»twhCro(tri u995 

Accm Units.. — [227 J 

-European FiM — HD-2 

Deri, lines, ft Fd. HM. —Mon. ft Thjr. 
Sun Alliance Fund Management Ltd, 
Sira ABuncr Hse, Kardian 040364141 

^.Eg.Man*la_ (3caiD 366501 1 459 

37* Family Fund U3&B 147.tJ +L9I 447 

Tet: 074279842 Swiss Life Pen. Tst. Man. Co. LhL(aKc) 
, _ 9-12 ChaxJSldA Lcndxt, EC2V6AL. 01-236 3841 

33 g EnogfOW.*- IOa.71 12a7Sj .... J 5.02 

nJ-ft tfa S-5? S*toAreV- ^928 136 art .. ] SIP 

?15| +10| 146 Fixed InL Dta-T M9.46 103Jft| ... J 1333 

Fixed JnLAret- K107.9S iu3a . .. 1 1353 

•Press on •**©> 10. Next duhnp April 14. “ 
'.Prices at Math 12 Nan dM** A<*i I 7. 
Target Tst Mngre. Ltd. (a) (g) 

31, Gresham St, EU4S. DtsNlngs: 02965941. 


1371 +14 146 

460b +0.4 1222 
527 +0.4 1222 
655a +06 862 

9L4 +0.7 862 

674 +L1 649 

95X +17 649 
68.be +0 j6 124 
70.4 +05 134 

505 +02 250 

57J +02 250 

463 +05 2.18 

513 +0.4 21B 

140 In -4.C 507 

1M3-5A 5417 


Qennotfiy. 


1605 


Enetw — {35.4 

Financial 1980 


Gilt Capital Mia 

GHt local* 384 

Irwe w i u Trust 518 

Special Situations — 35.9 

America Eaqle 39.4 

U.85PCL Bond Fd.... 226 


GuanBan Royai Ex. tint Mgrs. Ltd. 
ftDtrt Exriange. EC3P3QN 01-62B 8011 

(agiGuandbiNTa — 11366 339.4J +2.7) 454 


Mnster Fund Managers Ltd. 

Mhttttr Mw.. Artiwr EL. EG4« 9BH 01-623 1050 
Mnster Maroli 29 — 1465 481] J 757 

ExotiXM»33 D28B 12423 .3 7J6 


Henderson fetaMsfaztioA (a) (fa) (c) 


NLA Unit Trust Mngmnt Ltd. 

Old feieot Street, SW1A9LIG. 01-2224077 

—1995 1044/ J 363 


MfaMISngpK.. M3 
Patiflc Income.-.. ... 37.1 

PretecReitw — 414 

I name — — 30 J 

Extra Income 533 

Preference Share.-. Ill 

Eoutr — 532 

I ncai* and Growth.. S5 

Growdi 416 

AnlnaoneJ April 7 .. 229.0 
Eooyt Ex. AprU 7 ....0025 


iSte_ 


(AccuH. Units) — : 567 

Recovery-. )*3A 


Cap. Groxeh — . — _._j935 
Are U mB— — 11DL7 


IreftCrowU)..- 
(Acam UnttsJ— 

High Income 

Extra Inc- 


Brown Shipley & Cre Ud. 00(g) 

Hartmts. Use. Hayxwnfc S*. 0*44-58149 


In Luxembourg the dollar per 
ounce equivalent of the 12} -kilo 
bar was $35&25 against $343. 

In Zurich gold finished at 
$393-356 from $344-817. 


as. Units April 6— 
BS.Acam. April 6_ 
Financial 


452 



SmaaerCreOi*. _W8 8 

Prof, ft GUI .....(39.7 

GIKTns — Jfe4 

Rxed literes. 1462 

SKfe* Flxxfc 

Foada 495 

OR & era. Res. 54 7 


7« Global Tech. 


Wtarid Wide Mar. 


.a». 11532 


North Aenerican | 

Onent 

Recovery 

Te cre oWfer 

ExeraM 


European 


m* 


jRpniTmL. 


PadficSnv Cre- 1775 

North Amer. ibDJO 


April 7 


April 6 


BKlmaster ftlwninjimt Co. Ltd. 

TM Stock EYOSrOe, EC2P2JT. 015882866 


521 


1345 


Gold Bullion (flna auneo) 


dote 

Opening^. 

Moraine fbdng^. 
Art* moon nxiRfl 


13881^5519 

S357i«-3Sdis 

*3Sa,7B 

»35* 


{£300-2001*1 
(£203VZ04>4> 
(£802^261 
i££OO.B51) 


*540-350 

5343-344 
6348 JO 
6345250 


<£lMl9-200) 

{£19434-19514) 

(£19&«1) 

(£1972119) 


ftadrlwR. Fd April 1 . j 
Aram lAits Apr 1. 

fcMOl 31— 
(Ami. Units) Ma: 
MarftCrt Fd April I 
(Accum Uts) April I , 
SnSr. Do*S RL April 2 k 
(AcaanUtsJAprilZ) 


405 

128.7 — 
S6A '.a» 
767 

828 c: 


Amen can Sutler — /95J2 
fantMi 
Hr^iTiicomp (b)^. — ,. 137.0 

Si*.Cre(M 1470 

CuropranAprtll 1123 

Japan April 1 1235 

North Amer. April 1 „ 177.9 
aotal TedriSwy..., 985 


1996 



Murray J oh nsto ne ULT. Mgnt. (a) 

163, Hope Street. Glasgow. G22UK. 041-221 5521 

*8d» 

Next anUeo Apr! 16 




6611 




1485 


93U+UJ 


»r 

467 
3ZJd 
57 Jj 

1213 

573 

597 

44.7) 

247.6 

V7.S 

S32ff 

395d 

b6a 


+0-11 


-04) 

-0« 


“0,1 

+04 

+05 

+03 


-O* 

+ LS 
+031 

+o^3 


240 
13 
4J4 
325 
1143 
4B2 
256 
158 
727 
092 
114 
114 
7 83 
1156 
1397 
544 
361 
3.05 
556 
628 
628 
756 
756 


291 


Matoal Unit Trust Managers (aXg) 

Broad SLAife, Stanfield SL. EC2 01-63839U-2 

U4u4 Sec. Plus 1505 545) +0.71 7 M 

Mutual Inc. Td W72 822 +8tJ 7K7 

Mutiol Btoe Oi«5 H85 52£J +o3 7A9 

ItAatai Hltdi Yta__4542 582rf +a«] 9.9S 


I HY April 7 — 065 

CariWAreJ5)ril7..,Bl3 

For Tower Unit Trust pirate see 
Dottr Um trust 
Trades Union Unit Trust Managers 
loautood Street, E.C2 01-628B0U 

TUUT April 1. 1686 69 Ad J 509 

Transatlantic and Gen. Secs, (e) (y) 
91-99, New London fel. Ctidfretod. (XM5-51tel 


National Provident Inv. Mngrs. Ltd. 

4& GraceUxirtJiSL, EC3P3WH. 01-6234200 

MPIGlii.Ua.Ta. 169.7 7421+1.51 560 

(Acuxn. Units) (995 105.71 +2l| 5M 

NPI 0SessTniM"'_(l795 190Jdl TTTj 2 50 

lAcoam Units)— _....[2D7_8 219.91 .1 250 

••Prices an Modi 25. Next dealing April 28 


National M fci tml mt er (a) 

IM. CherenWe. EC 2 V 6 EU. 

Gwrtal f Accum.). .0102 

Energy Ta Cj 

Extra Inc. E5 


Baitlcan April] 100.7 

lAreaaUrtts) 1 KL 6 

CDIetnco April 2 _ 1859 

(Aocgm. Units) .2680 

Flekflno IN. April 1... 1045 

l Atom Ural-. I 1115 

Wang. Gwih. April 4_. M3 

(Accum. Units' 364 

Vang. H.Y. April 4 na 

vangd. Ttt. April 7 525 

(Accum texts} __ — - 66J 

WActaraft-Aprin 372 

(Acorn Unas) 119.7 

\WctonoorDtv.Apr2. 768 
(Accum Unul 1105 


1061 
1924 
1975s 
2847 
UNi 

925 
761 

KBs — 1.7f 
702 -21! 
92J 
1266 
815 
1167 


FVendal-. 
Gitretti tn*_ 
I near*. 




10381 


Japanese & Pac. GUl G .6 
North AnvGnUi Ta_ 520 

Porttoriolm. Fd 77 2 

RecoreryTriBL 475 

Sterner Cenwk*es_ 73J0 


w 


U84 +LI 
44.4 +0.1 
665 +0.7 
5X7 -HL5 
117 J +12 
50.9s +L1 
45-Ba +0.1 
W +01 
818 +18 
Sit *02 
78.41 -OJ 


J y rM "W9« LhUaXbXe) 


606 

606 

617 

617 

480 

4*0 

350 

380 

834 

5.9B 

5.98 

557 

557 

896 

8.96 


319 

X 88 

868 

451 

459 

670 

L3Z 

0 79 

60S 

3.40 

3.92 


IB, Canyngp feBd. BrUtl. 0772 732241 
24. Cast* SL. tdrtxegh. 031 225 1168 


C.'Snui.. IUA2 

(Ac an Units) 2664 

Incan* 99 a 

(Actum. UtMsI Z382 

Pn-t at 


(Accum. Units).. 
Exentpi 


11494 


ookJO^n* 


Kruflarrand 5366U-367U 

1/2 Krugarrond— 8189-100 
1/4 Krugomuxl- 50614-6714 
1/10 Krugerrand B9ic-40i* 

Mcpielaaf— 5365^-367 

New SovereJfliw, SS6 1^-866, 
King Sovoro*9n»- ?103is-lD4Jg 

Victoria Sov* $10Si«-i04ie 

French £Oa 582-08 

60 pesos Mexico 54411*4444 
, 108 Cor. Austria. «5462j-3464 
520 Eagles- <468467 


S3 68-360 
5190-191 

S9BV87i* 

,5394-404 


(£20794-808141 
(£1074-1074: 

(£544-854) 

(£824-8230 . 
(£80712^084)63674-369 
(£49494) 987-874 

(£5834-394) 9108-103 

(£584-594) [S102-103 ' 

(£4«4-5B>0 

(£8604-238) $4444-4474 

(£1964-1974) SS4&3504 
(£8564-8594 >6451-456 


(£8104-2114) 

(£1084-10014) 

(£534-56) 

(£284-231*) 

(£2104-2114) 

(£494-50) 

(£584-383*) 

(£584-683*) 

(£464-62) 

(£2544-266) 

(81994-8004) 

(£858-261) 


Canada Life Unit Trust ftfagrvlid. 

26 HighSU Potters Bar, Herts. P.BvSllZ! 

Can. Gen Del. ,149 7 5251 +081 459 

Do, Gen. Areww: J69.9 7X9 +l3 4J9 

DC. IncoreDW. .j — BJ5 5ft +03 337 

Do. Inc. ACain ( 6 DJ (OH + 0.4 857 

GUI & Fad. IW. Trust. |S 2 A A +0*1 9J0 


He x agon Services Ltd. 

4 &l SL HHro. Lpndcn EC3P3EP 01-5510094 
Bwtan Inti. Gr. Ire J4U 512] -fl.7] 415 


MW Some) Unit Tst Mgrs.t (a) 


NEL Thirst ManBBtfS LUL (a) (g) 

Wtron Court. Doric r*. Surrey. 0306887766 

Nristw- (7*6 7B5d +U| 4.96 

HdswrGHl&F.I — ]5Z£ -OJ] 9.41 

Nrfctar High Inr BTJ! 3974+0.^ ' 

Nefctar M*rnatlcnd.lS7.0 60 W +0 j 


1338 

ttaUYI. Unte). 2400 

M.&ns. na 

(Aram Unte). 97.0 

North Anrr Grth 67 b 

liana (Mu) 71 1 

Fs* Eastern 644 

(Aram Units) *,9 

iri . Gw Iron*. — wi 

m IAccum. Urttst (107 4 


Capd (James) Mngt Ltd- 

100, Old Broad SL, EON ISO 
Capital.-. 1-|U7> 


45 BeepiSL, EC2P2LX 
lb) BriM* Truy jznz.9 

!g) Dofiar Trust (95 7 

( glEmpean Trust 1245 

f g) Fa- East Baa 


NreOi Amenrat 

Price on Atr* 



LONDON MONEY RATES 


Catr, Sebag Unit Trust Monagerefa) 
57/63, Princess Su Mmdieaer 061-2365635 

Carr, Sebag Cap. ftL.!423 *Cjd *0 Jl 260 

Carr.StU* Ire RI -KX 33 IM +o3 * 8 JD 

Car Setraf* Eafn- feb 3^+0l| 1.90 


(A) Financial Trust ...1137.0 
rtDGBiiFxdbt-Tfl.. ‘ 

•bJGmF.I. Growth 262 

0)) High Yield Tfl__fa .6 
(bJIreeo* ThaU.— B93 
tg» imtTrul W4JI 

S tar. Resort* Ts .fefi 
Security Tnal_S.4 
lb) Spec. Sts. Ta 
Gen. Exorpt Mar. 15K17ZII 


Z17JJ +4.71 
419 +o£ 
102.4 +01 
263 *02 
4 Li -ai 
1*66 +15 
841! +05 
27J +05 
296 +05 
SL 6 +05 
47 3 +03 
255 . 
res +15 
414 +0S 
183 CM ...73 


Northgafe Un% Trust Managers Ltd. (cXk) 


436 

421 

230 

259 

156 

187 

WMI 

4.00 

967 

e£7 

7» 

245 

517 

£70 

4.76 


2Q. Mowtnte. EC2R6A0 

Northgate Apnl 1 1107 7 

IAccum. Units) lU6S 


114 

12* 


01-6064477 

s.d a 


Norwich Union Insurance Gtap (b) 

PJ. Eox4, Nanmeii NfU 3NG. 060323200 
GhMi Tsl Fund JSU2 5381x4+851 5*1. 


Poiri Trust Managers Ltd. (aXgflz) 

252: Ht^. hdbore, WC1V7E6. 01-4058*41 


featCmdiFd. 
Accum UlMs. 
Rear! Inc 


MOREY OATES 


NEW YORK - 

Prime raw IS 1 * 

Pad. funds (luneh-tima) ...... 13V13& 

Traacury bills (13- week) ...... TL98 

Trsiaury bill* (26-wftak) 1i» ' 

IWtMAW • 

Special Lombard i„.. 8£0 

Overnight rata 8.375 

One month 935 

Three months SJO 

Six - month* — SJO 

FRANCE 

Intervantlon ran 17-0 


April 7 
1982 

Starting.. 
Certificate 
of deposit 

Interbank 

Local 
Authority 
' daportts 

Local Auth. 
negotiahi* 
bonds 

Finance 

House 

Deposit* 

Company 

Deposit* 

EESounP 

Market 

Deposits 

Treaujiy 

Bills* 

BglE!? 

Bank 
Bills * 

Trade 

BHIl* 

Overnight- 

2 days notice.. 

7 days or. 

7 day* notice— 

Orta month 

Two month* — 
Throe months. 
Six month ft.,™ 

Nina months — 
One year — , 
two yaw*: — 

SS3» 

134-134 

sm 

lSrt-13* 

8-13 

114-lBfe 

16-134 

sim 

stae 

1*4-134 

184-124 

.13 

134 

134 

184 

if 

1418-137, 

144-134 

16-134 

1378-134 

*%!§ 

134 

134 

134 

134 

134 

134 

10 VI 14 

V 

134 

13ft 

8-13 

114~1£4 

124-124 

124 

124-124 

- 

12ffl3ft 

12r, 

12ft-l24 

12 frUrg 
aaS^tiB 

»4 

134 

134 

133, 


Oarira» OarHfe* N/R Ftandtt 

15, Hooroate, toartai EC2. 01-6884121 

esnad i ::jgs 


HK tint Trust Hansgera Ltd. (a) 
3Fredenc* - »PI,0tdJewo’. EC 2 01-5884111 


PearfOdtTa. M7.D 


(Acrun. Uhud_ 



P0£ 


Charities Official Invest Find# 

77 London wall, EC2N 108. 01-58B1815 

Income Feb. 3^-1 U4J4 I ..J 7.36 
Acam. Feti.S 1 4072Z I _ 


HK American Tb 

HK Extra IntofwTa. 

KK fw East ft Go-TtL^O 
HIC Growth T« — 

HK Incan* Ta. 

HK irateet Leaden. 

HKPrtxaeTg , 

HKSrrHfterCo’sTsL. 


HKTroftnoiagy Ta_.| 6 U 




J^l +03 210 
29 1 +03 1LOO 
387 +02 290 

465 +08 5.70 

422 +0-3 8.10 

& 

532ft +03 4.80 

718 +L« 4.40 


PebCM Units Admin. Ltd. (gXx) 

57-63, Princea Sc, lAncheaer 061-2365685 
PffcanUnta (1321 1421d+14| 499 


Natural ft-sourtn-— 1302 
Actum. Units.... 177.2 

SCPLlIK 1782 

ldt.MfallCw.Gwm. 827^ 

(Aram Unte). 100 2 

Ida. Wan ExInrCnih M.4 

( Accum Units). 395 

Lett wan rm PriTy Z2.9 

lAct-an, Umtsi 3L7 

LdflV-dl Hi IncIWty.. 492 

Lac waa imi 333 

Ldn. Wall Spec. Sits. BSl 3 
Tptet di Ce — (Mm 

DenwnnFurel' 1 — — I .1 law 

Money Fund ■ 1 ~ _ gS 

•UratorHMUi Omit Finfa. 

TSB Unt Trusts (b) (c) ( 7 ) 

PO Bn a. Keen Hse. An aa mr, itare gpio ipa 
0%4 6Z18a. Dealings ta 0%4 63432 3 


j7a4u +12 

2B2< -2.4 
1054s +1.4 
2S2A +34 
6&2s .. 
160 1 +02 
1432.2+14 
2561 +2X 
784 a +14 
103 1 +14 

70.7 .... 
,761 +0] 
6J9n +02 

695 +04 
958a +07 
ua* +08 
1382ft +1 < 
Iffit +U 

MO.t +02 
' 885 +0.4 
1D7.3 *Ob 
264 +0! 

42.7 +02 
246 +02 
340 +0J 
53 2 +04 

357«i 
373 +03 


375 

3.75 

836 

836 

1503 

15.03 

915 

915 

5.M 

504 

520 

520 

313 

313 

1329 

1329 

340 

360 

942 

400 

400 

10J7 

10J7 

470 

<1.70 

91b 

4» 

294 


T5B American 474 

Do. Aram 47.4 

TSB General 652 

Oa.Apam. 95.0 

IS8Jnspn*L_^ 822 


Uvamight rma 
On* month .. 

Thraa months 
Six month* .. 

•AfrAN 
Discount rata ........ 


17 JO 

; 16J12S" 

16J4S78. 

15.50 


BJD 

Clll (unconditional) . 7-21875 

Sill draco unt (tfu**-omoth).~ . 7JQ125 


Local Hitiioritiaft md flnanca hoiwa* ssvan days’ noties, otim aaasn days fixed. Loog-tnm locrt anthomy mencstja 
rates nominally three yust 14 par c«* tour years 14 P*r csm; five years 14*i per cam. *Bank bW rate* in ttUe 
ore buywig mes tor pwiw paper. Suying mtso for toiHHiundi bank bill* 13V- 13^ par cent; four Tiunths trade biffs 
‘13s» par can*. 

■ Approximate «MUng rftfee.tor.on* JWooih Treasury Ml# 1S>u-13 -par «anc tm manalw 12h per one three months 
127]-1S*ii per cent. Apppm)uhi» aaffmg rata lot one ' month bank WHa I2»ic per oanc two fnomt fc* i2t, per and 
three month* 12 =xj per tseiR; one mofdh Vada ttaHa 13 per cent; mo month* 13*» par oene dwae tnontiu 13ft nar cent 
Ftoanca House* Base Rltaf (>ptddMtad by toe Frame Home Association) id** par cam fern April 1 1382. Ctaarina 
Bank Deposit Ratos for sum* at aramr (toys’ notice 10-10} per cent C tearing Bank Ratos tor (ending 13 par cant. 
Treasury Bilim Average tender mat of discount 1£4717 per oanc. I 

CerdScaaoe of T« Deposit (Sanaa 5) 13ft par cent tram March 8. Dopoetae for ouh Jfr pgr cam. 


CMeftain Trust Ma nag u ' S Lid (a) (g) 

11, NewSI, EC2*»4TP. ' 01-2032632. 

An*riMnW.„ fiM 293 -HU) 155 

Auaraianu/.^.. (17.4. 18.3+01] U9 

Fa-Era*rnTsLU)— {34.4 37,91 +CLa L37 

High "ncort* — - — gtO 39 11 +O IL 09 

Inti. Trust ( 2 ) lf?.l .433 +0,a L67 

Bras fe an re a Tft. .BfcS 39.7xd+OA[ 206 

Iran. Growth Tst _Q4J 26^1 +0 l« 827 

Pref.«artTsL — -ter ad 1 is.** 

Smallo- Co'S THot _.[Z7.9 303.+OJI 3.49 


Investment Bank of Ireland (a) 

SSKJT^ 5 - Wdl1 ’ 

BoilBrtl&O’ws (49.4 53JJ . .J 5.44 

Prices ApK 7 Next ndc (By April 14. 


Perpetual Unit Trust MngmL (a) 
CftHaiSL, Here * *1 Thews 049126868 

Grown |m 85 9j .... J 4 IB 

Iren* 63.D 67.9d -2* T47 

VVtsrtaxn* ft«xrey.{47 8 5Lq ...71 UO 


Do. Amm „.... 1 D 53 

TSBPaCiflC 427 

DftAtam..., 427 

TSBStXMUfa 1ZL7 


14017 


Practical Invest Co. Ltd. (yXc) 
44. BteofrBtmrr Sd, WC1A 2ftA 

ProctkAJ April 7 |199.r T 

Acoan-Umc. 1323.9 344. 


Chootorton Fund ManagareCg) 

57.-63, PHnoessSU i Surt ui iu -. 061^365685 

GnwOi .038 14.P . r 407 

hwnwlotaft— ... . - Kg • 54J] -OJl. _1£3 


Mpunnc 


Investment lid^ngeitce Ltd. (a) ^ ltrt 

1/3 Worship SL.EC2A2A8, 01-6SB6U6 ”■ LGL 

bW- Aner. Teds Fd-W.9 ISA ..,J 0.40 

tari. lnc.ftGroach-.b 6 J 29.7g ...J 6.90 £53 

uwipaancFinti—pj J 2*o £ ro 2S c 2^ £ ?* 5 

IbM arei to Fd {ILLS 1201* — J 3M Promk Hlnhlnt g93 

Prolific Inti 139.6 

Key Feud Managers Ltd. <»X9> PWlfcNfcArar^O 

ft Prearmaer Raw. EC4 7DH 


Da Accum. 

Utofer Bank (a) 

Warhxj Stnw. Brifra. 

(blUkter Growth t«J2 

Unit Trust Account & Mgrat' Ltd. 

?Al Rpflrt Ha-, King VWItan Si, CG4A 9R. 01-0234951 
Friars Ifc*. Fund....-.J57.2 604f J * 6 o 





- 1L28 


Confederation Finite Mgt Ltd. fa) 

SO, Ctancey Lane, WSA1HC. 01-2420282 

Cro-*hFmd 1772 Sftffl ,._J «58 





Prolific ! 


1 


aoj 



Ky Exmot Pti-- 

Key Income Find i 

K* Fixed bx.n._M7J 
K*yS«WCtf*W_Jl69A 


PnsdL Portfotio Hhgre. Ltd. (a) (b) (c) 
9 SS Hoiqant tors, EC1N2NK ' - 01-4054222 

*33 CKSfiSn =BSB 


NOTES 

Pitas mr In dm* ufltu athemfec lixScaM. 
Vtadi % bhmi In tat sotana) aflaw for all buiftnq 
napwm. a Qfftred prices tare aft npemm. 
b Today's prices. C Yield faced on offer I Ftas 
ti tslmmd. q Today’s oneren price. 
h Dta rtaatat free of UK'uxas. p PortcxOC 
prenSun tmurazxc plats, s Stnfto prendum 
imiram. x Offered price Include* *fl expeme* 
axtxpt agent’s a x inta wn-y Ottered pnee Mudn 
re expenses H txxsM through nraugersZ ftMU 
tiqft price. 4 Gnenaey btob. a 5uwentaL 
♦ View beta* Jersey tab T Ex-stMvbtai. 
tt Only MWa m c harit au e rede*. 






:r ri 


2 

1 

1 

i 

£ c 


I 

I 

T 

£ 

I 

V 

i 

A 

I 

€ 

a 

l 

I 

3 

t 

I 

t 

£ 

r 

a 

c 

v 

t 

V 

f 

p 

0 

n 


30 


Companies and Markets 


financial Times Thursday April 8 1982 


WORLD STOCK MARKETS 


NEW YO 

Stock 

RK 

April 

8 

April 

3 

acf industries— 

38% 

36 

AMP 

18% 

18% 

AM Inti 

1% 

A* 

APS|„ 

25 

25 

ASA. 

557g 

36% 

AVXCorp- 

18% 

19*8 

Abbot Labe- - 

29% 

29 

Acme Clave 

21% 

21% 

Adobe Oil A Gas. 

16% 

16*3 

Advanced Micro. 

23% 

25% 

Aetna Ufa A Gas 

*7% 

47 

Ahmanson (H.F.l 

10% 

10 % 

Air Prad&Chem 

35% 

34T B 

Akzona 

9% 

978 

Albany int 

£4% 

25% 

Alberto -Cuiv — — 

13% 

13% 

Albertson's. 

27% 

27% 

AleanAlumlnlu m 

18% 

18% 

AJCO Standard.... 

20*0 

1978 

Alexander &AJ_ 

281ft 

287ft 

Alegheny Inti 

31 

30 >3 

Allied Corp 

32% 


Allied Stores 

29% 

30% 

Atlls-Chalmera — 

12% 

12 % 

Alpha Portd 

97ft 

97ft 


Stock 


■ April j April 


Columbia Ga*._ 

Columbia Piet 

Combined Irr t — 
Combustn. Eng.J 
Cm with. Edison-, __ _ 
Comm^atalite_! 60% 


32 ! 38% 

67 ' 67 

204 ; 20 Vi 
27«a I 37% 
21 is I 20 t 8 


AIcosl. 1 

Amal. Sugar. .1 

A max -. 

Amdahl Carp 

Amerada Hess.. J 

Am. Airlines J 

Am. Brands. ! 

Am. Broadcast's! 

Am. Car 

Am. cyanamld... 
Am. Elect. PowrJ 
Am. Express 
Am. Oen. Insnce.' 
Am. Holst a Ok... 
Am. Home Prod-! 
Am. Hasp. Soppy) 
Am. Medical Inti. 

Am. Motors 

Am. Nat. R races I 

A m.Petfina. i 

A m.Quasar Pet_| 

Am. Standard....! 

Am. Stores... 1 

Am. Tel. & Tel....i 

Ametek Inc. I 

Amfac. ... — 1 

AMP j 

Amstar — 

A mat cad inds.-.. 
Anchor Hockg...., 
Anheuser-Busch 
Archer Daniels-. 
Arm co— i 


2f4 
464 
27 
214 
IB% 
14i a 
424 
331c 
28% 
27 1* 
17 k 
464 
424 
14 
36 
4S1 B 
22 
34 
334 
614 
104 

274 

36 

56 

264 

224 

567s 

25 

264 

164 

44 

16 

20 


854 
464 
27 
2QT 8 
17T 0 
144 
42 
344 
274 
i 271 , 
174 
484 
424 
144 
354 
44 U 
214 
34 
334 
BLTs 

94 

| 264 
357b 
S4% 

! 267b 
j 224 
! 677 8 
254 
264 
154 

444 

164 

20 


Armstrong CK.... 

Asamera Oil 

Asarco. 

Ashland Oil 

Assd D Goods— 

Atlantic Rich 

An to- Data Prig.... 

Avco - 

Avery inti 


154 ! 154 
, B4 ■■ 84 
214 I 214 
I 2 17ti 214 
324 I 334 
. 404 ' 404 
274 273, 
164 154 

244 2412 


444 

34 

ISSft 

64 

22 


Avnet 

Avon Prod 

Baker Inti 

Balt. Gas & El 

Ban Cal j 

Bangor Punta.... 
Bank America....! 

Bank of N.Y. 

Bankers TstN.Yj 

Barry Wright | 

Bauseh A Lomb.J 
Baxt Trav Lab....: 
Beatrice Foods... 

Beker Inds 

Bell ft Howell. — ; 
Bell Industries..., 

Bendix i 

Beneficial i 


Beth Steel. 

Big Thee Inds— .) 
Black ft Decker J 

Block HR 1 

Blue Bell 

Boeing ; 

Boise Cascade —> 

Borden - ' 

Borg Warner 

Bran iff Inti 

Briggs Stratn 
Bristol-Myers 

Brockway'd'lanj 
Brown Forman 8, 
Brown Grp.—. j 
Brown ft Sharp-: 
Brewng Ferris— 
Brunswick ! 

Bucyrua-Erle ......i 

Burlington Ind ... 
Burlington Nrthnl 

Bumdy..., 

Burroughs 

CBi inds. , 

CBS- 

CPC Inti 

CSX- 

Campbell Red L.j 
Campbell Soup... 1 
Campbell Tags...] 
Canal Randolph... 

Can. Pacific 

Cart Isle Corp 

Carnation ; 

Carp Tech J 


Carter Hawley— 137 B 
Caterpillar..—... 484 
Colanese Corp ... 554 

Centex— 234 

Central ft Sw— 154 
Central Soya — 11% 
Central Tel Util- 294 

Certain-teed- 114 

Cessna Aircraft.. IS 4 
Champ Home Bid 24 

Champ Int 154 

Champ Sp P lug J 74 
Charter Co — ... 94 

Chase Man hatin' 58 4 

Chemical NY I 53ij 

Cheese Pond 344 

Chicago Pneum-, 14 

Chrysler, I 44 

Chubb. i 444 

Cincinnati Mil— .1 264 

Citicorp I 264 

cities sondes . — 1 32% 

City Invest I 224 

CJarkEqulpmentj 234 
Clove Cliffs Iron., 23 4 

Corox — . 134 

duett Peaby 16 

Coca Cola. | j34 

Colgate Palm.— 19 
CollinsAJknuui...l 124 
Colt Inds I 25 


46Ig 1 48 
24 ; 237 S 

304 304 
264 2B4 

255g 254 

174 174 

1B4 I I 84 

414 I 414 
344 : 34 
IB j 18 


43 

34 

IB 4 

64 

214 


164 ! I 64 
624 I 63 
154 I 154 


22 >s ' 284 
235ft 234 

134 ; 134 
34 1 334 

244 ^ 244 
174 . 174 
284 1 29 
524 « 324 
26 \ 244 

8*8 I 21ft 

234 ! 234 
564 ■ 56*8 

107ft . 204 

144 : 14 

344 I 347« 
284 ! 28 
16 j 16 

304 307ft 

174 J 17 


Comp.Soienea-.i 15 

Cone Mills- j 50 4 

Conn Gen. Inn — 1 55Js 
Conrae —j ff’s 
Cons. Edison — ; 36 

Cons. Food* 35 

Cons. Freight—. 354 
Con. Nat Gas . ..J 454 
ConsumerPoweri 174 
Cent Air Line*.- 44 

Conti. Corp : 27 . & 

Conti. Group... -j 294 

Cont Illinois. . 30 

Conti. Telep 1 16»a 

Control Data I 31*8 


604 


15 

304 

50 Vs 

224 

357ft 

55 

36*i 

454 

17*2 

44 

274 

284 

294 

I6*a 

33 


Stock 


April 

6 


Cooper Inds- j 

Coors Adolph 

CopperweM-. — 
Coming Glass.....] 
Gorroon Black....) 
Cox Broadcast'g.; 
Crane...—.—i 
Crocker Nat.—; 

Crown Cork, 1 

Crown Zell 

Cummins Eng—. 
Curtiss- Wright...: 

Daman : 

Dana 1 

Dart ft Kraft. 

Data Gen 

Dayton-Hudson -' 

Deers 

Delta Air. 

Denny's 


404 

104 

264 

43 

204 

31ic 

264 

274 

257ft 

234 

361a 

374 

84 

257 3 

514 

354 

337ft 

324 

314 

234 


[ 414 

I 11 

• 254 
: 414 

• Z 04 

324 
; 264 
| 274 
26 

i 834 
> 364 
374 
I B 

■ 257ft 
514 
344 
334 
324 
1 314 
234 


Dentspty Inti I 17 

Detroit Edison.!-! 114 

Diamond Inti I 384 

Diamond Shan kj 214 
DiGlorglo..... .1 104 


Digital Equip. 

Dillingham 

Dillon— ...... 

Disney (Watt) 


Dome Mines J 124 


Donnelly (HR)-. ... 
Dover Corp 
Dow Chemical.— 
Dow Jones— .. 

Dresser 

Dr. Pepper. 

Duke Power. 

Dun ft Brad 


DuPont- , 

EGftG J 


8 O 4 

114 

204 

66 


43ia 

23 

254 

474 

234 

114 
224 
61 1: 
357ft 
164 


I 164 
I 114 
1 384 
1 204 
• J4 
I 774 
! 114 
1 20 4 
j as 
! 124 

4278 
I 234 
234 

I 474 

1 234 
I 114 
, 224 
: 61 1: 

; 354 
164 


Eased I 194 

Eastern Airlines. 1 6*a 
Eastern Gas ft F t 194 
Eastman Kodak. 1 74% 

Eaton 30*8 

Eohlin Mfg I 134 

Eckherd Jack — 1 19t b 
E lectronic Dataj 214 
Elect. Memories! 34 

El Paso —I 244 

Emerson Elect-. I 444 
Emery Air Fat.J 94 

Emhart— 334 

Engelhard Corp I 20 % 


19*8 

64 

204 

734 

297e 

134 

20 

214 

34 

244 

447, 

94 

334 

204 


16 

21 

45 

194 

347, 

314 

417a 

374 

457ft 

134 


i 154 
I 214 
; 454 

| 194 
1 547b 

S14 

: 414 

I 377b 
444 
_ 1 134 
351ft i 34 
224 i 224 
E 84 ! 284 
24 1 234 

23 j 224 
304 304 
354 I 344 


I l3 J« 
• 4B4 
1 35 
. 234 
154 
114 
< 294 
I U4 
] 194 
24 
164 

! I s * 

I 84 
: 574 
; 52 

! 344 
I 14 
! 43* 
i 44-4 

1 264 
: 264 
1 307ft 
217 b 
I 234 

224 
134 
164 
! 334 
1 1S7 B 
: 124 
I 254 


Enserch ...... — 

Esmark- 

Ethyl - j 

Ex cell o j 

Exxon— -....I 

FMC. 

Faberge 

Fedders [ 

Federal Co- < 

Federal-Mogul...: 
Fed. Nat. Mort. J 
Fed. Paper Brd... I 
Fed. Resources-I 
Fed. Dep. Stores! 
FleldcrestMl -— \ 

Firestone— 

let Bank System. 
1st Charter Hn -I 


204 

474 

187ft 

224 

234 

284 

254 

15 

34 

804 

204 

84 

267ft 

204 

104 

324 

8Tft 


214 

47 

194 

22 

| 244 
| 284 
26 
154 
! 34 

; 204 
! 204 

. 84 
: 264 
i 14 
434 
' 204 
i 104 

*1 


Gt At). Pac. Tea.' 
GL Basins Pet-., 
GtNthn.Nekow 
Gt West Fi nan OJ- 

Greyhound 1 

Grumman...- | 

Gulf ft Westefn_.| 


Gulf Oil | 

Hall (FBI I 

Halliburton 1 

Hammernrill Ppr 

Handleman ■ 

Hanna Mining....: 
Harcourt Brace J 

Harris Bancp ! 

Harris Corp 

Harsco -; 

Hecia Mining-...' 

HeinzfHJi 

Heller Inti . 

Hercules -1 

Hershey - ! 

Heublein „ 

Hewlett Pled- I 

Hilton Hotels I 

Hitachi 


67, 

34 

564 

114 

144 

244 

I 64 


324 

394 

364 

254 

124 

374 

134 

28 

294 

184 

94 

304 

1714 

194 

394 

387ft 

424 

377 8 

234 


April 

5 


Holiday Inns 274 

Holly Sugar ! 464 

Homestake 1 27 

Honeywell—.—. 704 

Hoover 1 94 

Hoover Uni 154 

Harm el Geo.v._.< 227a 
Hospital Corp.-.: 304 
Household Inti— 154 
Houston Inds. 187a 
Hudson Bay Meg 144 

Hughes Tool 294 

Humana. - 247s 


64 

5*8 

354 

114 

144 

244 

164 


324 

29ig 

364 

254 

134 

3l7 8 

134 
S74 
294 
I 184 
I 94 
I ?*« 

| 174 
194 
394 
38 

I 414 
| 58 
I 234 


274 

46 

264 

694 

94 

IS 

214 

304 

164 

187 b 

144 

284 

244 


Husky Oil .......... 

Hutton tER— 

IClnds- 

INACorp 

IU Int 

Ideal Basic Ind.. 

Ideal Toy 

ICI ADR 

Imp Corp Amer.. 

(NCO 

innersol Rand — 

Inland Steel 

Intel 

Inter First Corp_ 

Interlake 

Inter North 

IBM 


' 6 
.! 276s 
294 
., 464 
134 
.! 164 
. 104 
54 
.: 74 

•I 11 

. 464 
J 214 
.1 284 
.! 244 ! 
. 294 ! 
J 274 ! 
,| 614 I 


6 

274 

207ft 

464 

134 

164 

10 

64 

7 

11 

47 

214 

29 

24 

294 

27 

614 


Inti. Flavours \ 

Inti. Harvester— 
int. In co mo Prepr- 
int. Paper 

nt Rectifier. 

Int Tel ft Tel 

Irving Bank. ' 

James iFS) 1 

Jeff n- Pilot } 

Jewel Cos. 

Jim Welter. ! 

Johnson Contr._ ; 
Johnson ft Jns.... . 
Johnthan Logan. | 

JoyMnf. ; 

K. Mart — 

Kaiser Alum 

Kaiser Steel— ..J 


184 I 184 
479 ; 5 
84 

354 344 

117s 114 

254 ■ 25*4 
414 | 414 
234 234 

28 | 274 

324 i 33 


176 S 

234 

38 

134 

274 


174 

234 

384 

134 

264 


184 I 184 
13Ta ■ 144 
304 1 304 


1st Chicago. } 177® I 384 

- - - 264 ! 277ft 


1st Interstate-..., 
1st Mississippi.... 
1st Net. Boston.. 

1st Penn 

Flsons...— 

Fleetwood Ent... 

Flexl-van 

Florida Pwr ft L-t 

Ford Kotor .! 

Foremost Mck....i 
Foster Wheeler - 
Freeport MoM— • 

Ftuehauf ■ 

GAF 

GATX — — 


Gan net I 

Gelco I 

Gen Am Invest ...j 

Gen Cinema - 

Gen Dynamics- 

Gen Electric- | 

Gen Foods, 

Gen instrument-! 

Gen Mills 

Gen Motors - 1 

Gen Pub Utilities! 

Gan Signal 

Gen Telep Elec...; 

Gen Tire 

Lenesco 


2BT S 

10t a 

394 

27b 

B*s 

134 

144 


29 

104 

41 

24 

54 

134 

154 


307b 1 306* 
214 . 214 
324 1 32 
134 ' 13 
175, . 17 
184 ! 184 
134 i 144 
274 1 274 


354 
IS 4 
144 
424 
254 
644 
344 
364 
404 
424 
64 
37 
294 
185, 
44 


Genuine Parts. 
Georgia Pae— 

Geosource 

Gerbes Prod... 

Getty Oil 

Glddlns Lewis. 

Gillette 

Global Marine. 
Goodrich (BF). 
Goodyear Tire. 

Gould 

Grace 

Grainger (WWj. 


.i 354 
.' 167 B 
... : 344 
... 284 
J 484 

1 19 
354 
134 
194 
J 207 B 
23 

...j 36 1 r 
.. 387b 


357a 

: 187, 
144 
1 424 
! 244 
I 644 
j 337, 
347, 
39 
! 42 

: 54 
374 
! 30*ft 

! 19 
47 8 


l 36 
174 
, 334 
28 

1 464 

18 >4 

344 

1 * 

197b 

22 

225a 

36 

394 


Kaneb Services-' 154 j 164 
Kaufman Brd -.J 84 • 84 

KeyCorp 1 97 8 . 94 

Kellogg— I 234 234 

Kcnnametai ; 304 303* 

Kerr-McGeo I 314 , 504 

Kidde - j 216s • 214 

Kimbarfey-Clark. 63 > 624 

King's Dept St— 24 ; 24 
Knight Rdr. Nws! 29 29*a 

Kopper*. .....' lStft ' is 

Kroehler— 7 4 7 4 

Kroger 1 29 1 29 4 

LTV.... 14 | 14 

Lanier Bus. Prod : Ibis j 154 

Lear-Siegler- 264 264 

Leaseway Trans.; 24 ! 247, 


Lenox- 

Levi. Strauss . , 

Levitz Fumtr ■ 

Ubby Owens Fd. 

Lilly (Elij — ... 1 

Lincoln Nat—....| 

Utton Inds. J 

Lockheed- 

Loews 

Lone Star Inds ...' 
Longs Drug Sirs.' 
Louisiana Land 
Louisiana Pac ....- 

Lowenstein 

Lubrlzol ' 

Lucky Strs 1 

M(A Com. Inc 

MCA 

MacMillan 


37*8 I 374 
234 23 

214 1 214 
224 I 224 
574 | 684 
39>« 39 4 

474 I 474 
494 494 

944 1 934 
224 | £3 
264 I 264 

28 23 

174 I 177, 
28*2 1 274 
204 ! 207a 
144 ! 144 
214 1 214 
524 ! 524 
164 16 


Mac - J 314 

MfcrsyHanover— 32 4 
Manvillo Corp — 134 

Mopco ! 297s 

Marine Mid 224 

Marriott 584 

Marsh McLenn... 344 
Marshall Field ... 284 

Martin Mtta 284 

Maryland Cup.... 344 

Masco - 324 

Massey- Fergn.... 2 4 
Mass Mutti.Corp 174 

Mattel 164 

May Dept. Strs... 274 


Maytag 

McCulloch 

McDermott (JR).. 

MeDcnalds 

McDonnell Doug 
McGraw Edison. . 

McGraw-Hill 

McLean Trukg ... 

Mead - 

Media Gonl . 

Medtronic 

Mellon Natl 

Melville 

Mercantile Sts ...; 

Merck 

Meredith 

Merrill Lynch 


264 I 
104 1 
234 j 
664 I 
344 
294 I 
494 i 
13 

21 | 
364 i 
3754 1 
354 . 
464 [ 
62 
747 8 
544 
284 1 


314 

324 

137ft 

293 4 

224 

373* 

344 

203ft 

28 

364 

334 

2 

18 

164 

277e 


264 

107ft 

23*a 

664 

347, 

293i 

484 

13 

214 

364 

364 

354 

46 

62 

744 

554 

274 


Steak 


April ' April 
K 6 S 


MGM 


Murphy (GCl .... 

Murphy Oil 

Nabisco Brandi 


Mapeo industries 

Nat. can 

Hat. Detroit- 

Nat. Dirt. Cham- 

Nat. Gypsum 

Nat Medical Ent 
Hat Semieductr. 
Nat. Service Ind. 1 
Nat. Standard ....; 

Nat. Steel | 

Notomas j 

NCNB i 


6 


Sohlltz Brew — . 

127 b 

13% 

189% 

184 

ScMumbager—.. 

45% 

44% 

17% 

17% 

SCM~ 

23 

23% 

54% 

54*i 

Scott Paper- 

16% 

16% 

617ft 

60<8 

Season 

22% 

21% 

21% 

21% 

Seagram 

82 

51*a 

8 

7'B 

Sealed Power.... 

29% 

291* 

10% 

10% 

Searlc (GO) 

33% 

32% 

18 

17% 

Sears Roebuck... 

19 

19*8 

61% 

63% 

Security pac 

32% 

32 

21 

£1% 

Sedco . 

41% 

3l7 a 

66 

5570 

Shell Oil 

34% 

34 

49*8 

56% 

Shell Trans 

26 

27% 

Zd% 

13% 

Sherwin-Wmt.... 

20% 

£0% 

10% 

10% 

Signal — 

20% 

20% 

2170 

20% 

Signode - 

49 

48% 

327a 

32T b 





14 ; 144 

19 ; 19 

82 1 224 

22 i 22 

197ft ! ig7 3 
154 15*fl 

3 34 I 23 
244 | 24 1 8 
134 134 
194 194 
184 18 

134 13T, 


NCR- 424 

New England El- 264 
NY State EiG' 164 

NY Times- ! 344 

Newmont Mining! 354 
Niag. Mohawk— I 124 

NICORIne. 30 

Nielsen l AC) A—! 464 
NL Industries — 274 
NLT- 224 


I 424 

I 264 
. 164 
344 
357ft 
13 

Sf 

28 

224 


Norfolk & Weatm 
Nth. Am. Coal—! 
Nth. Am.1 Philips. 
Nthn. State Pwr. 
North gate Exp— 

Northrop - ! 

NWest Airlines... 
NWest Bancorp- 

Nwest Inds. 

Nwestn Mutual-' 
Nwest Steel W... 1 

Norton I 

Norton Simon 

Occidental Pet-. 1 
Ocean Drill Exp. 

Ogden 

Ogllvy A Mrth. ... 
Ohio Edison — 

Clin 

Omark. -I 

Oneck ! 

Outboard Marine : 
Overseas Ship—' 
Owens-Coming - 
Owe ns- 1 1 Tine It.. _ 

PHH Group— 

PPG inda. 

Rabat Brewing..., 
Pac. Gas A Elect.; 
Pac. Lighting-.. 
Pae. Lumber 1 

Pac. Tel. ft Tel—.' 

Palm Beach -j 

Pan. Am. Air. J 

Pan. Hand Pipe-' 
Parker Drilling— | 

Parker Hanfn ! 

Peabody Inti ! 

Penn Central i 

Penney (JO ! 

Pennzoll I 

Peoples Energy | 

Pepsi co 

Perkin Elmer..— .j 

Petrie Stores 1 

Petrolane 

Pfixer J 

Phelps Dodge —1 

Fhila Elect i 

Phibro ! 

Philip Morris — 

Phillips Pet J 

Pillsbury 

Pioneer Corp 

Pitney- Bowes ... 

Pittston 

Planning Res'eh 

PI ease y — 

Polaroid 

Potlatch .... 

Prentice Hall 

Procter Gamble. 

Pub. Serv. E ft G. 
Pub. S. Indiana...' 

Purex - 

Purolator - _■ 

Quaker Oats 

Quanex — 

Quarter — 

RCA — 

Raison Purina— 

Ramada Inn* ! 

Rank Org. ADR...! 

Raytheon • 

Reading Bate* —1 

Redman Inds 1 

Reeves Bros 1 

Reiehhold Chen, 


474 

267. 

344 
254 
34 
454 
30 • 
224 • 
664 
9*s 
184 I 

317ft , 

215ft 
204 
244 : 
254 , 
304 

I27fl I 
194 I 
145* | 
284 


47 

267, 

36 

264 

34 

45l a 

294 

224 

634 

94 

175ft 

317ft 

214 

204 

227 a 

254 

304 

127ft 

194 

144 

284 


224 

144 

194 

244 

194 

324 

177ft 

214 

244 

224 


: 224 

■ 14% 
. 184 

■ 244 
' 19 

■ 324 
• 174 

21 % 
. 24 
. 217 8 


16*« 1 16 '« 
143ft 14% 

34 ! 34 
S04 | 31 
137ft ! 13% 
194 I 187a 
55* 6 

274 ! 38 
344 ; 344 
38% ; 365ft 

87» | 84 

374 i 377 a 
224 ; 22 
24% 224 

144 14*8 

62% ! 534 
237ft : 24 
14 137ft 

241b S 244 
494 i 49 
324 I 32% 
44% | 44% 
23% ' 23% 
281 a 28 

18 *s • I 84 

7% 7% 

667ft 667ft 

19 I 84 
234 1 234 
264 i 26 
844 I 83% 


195ft 

254 

294 

324 

40 

11 

127ft 

21*t 

12 % 

5% 

34 

32% 

16 

12% 

65 

10 % 


Republic Steel. 
Rep of Texas— 
Resch Cottrell.. 
Resort Inti A. — 

Revco (DSl 

Revere Copper 

Revlon .... 

Rexnord. 

Reynolds(RJ).... 
Reynolds Mtls.. 

Rite Aid 

Roadway Exps- 
Robbins (AH). — 
Rochester Gas- 
Rockwell Int)... 
Rohm A Haas— 
RoUlns.. — 


! 204 
• 30% 
1 125ft 
! 20 
' 247ft 

: 11 

: 274 
11 % 
474 
20*8 
31% 
334 
12 
134 
27% 
51% 
144 


j 194 
I 23% 

• 29% 
31% 
40 
11 % 
13 
21% 
12 % 

64 

34 

33% 

154 

13 

65 

105, 

i 204 

• 2»r, 

; 12 % 

1 12* 
1 244 
10 % 
I 274 
> 11 % 
47% 
20% 
31% 
33 
12 

}** 

277s 

52 

144 


Rolm — 

Roper Corp 

Rowan 

Royal Crown 1 

Royal Dutch 

Rubbermaid 

Ryan Homes — 
Ryder System.— 1 
SFN Companies..! 
SPS Tachnol'gles; 

Sabina Corp 

Safeco. 1 

Safeway Stores 

St. Paul Cos , 

St Regis Paper.... 

Sartte Fe *nds 

Saul Inveet -J 

Saxon Indus. 

Sobering Plough. 


29 

104 

11 % 

16% 

34 

39 

137ft 

28 

18% 

194 


2B4 
10 % 
Ills 
174 
334 

38% 
13% 
27% 
18% 
- 19% 

34% I 344 
394 : 3g% 
20% [ 29 
494 ! 4g% 
264 I 26 
154 ■ 154 
74 1 74 

4 I 4S « 
30 l 304 

l 


Stock 


| April ' April 
5 5 


Simplicity Part... 

singer 

Skyline 

Smith Inti 

SmtthKIIne Beck 
Son rata Inti - 

Sony 

Southeast Bankg 
Sth. Cal. Edison- 
Southern Co—...: 
Sthn. Nat Res— 
Sthn.N, Eng. Tel, 

Sthn Pacific 

Sthn. Railway 

Southland. 

SW Ban esh ares.. 

Sparry Corp 

Spring Wills ■ 

Square D J 

Squibb ■ 

Std. Brands Paint 


Std on enfornia.' 
Std Oil Indiana...! 

Std Oil Ohio- 

Stanley Wks , 

Stauffer Chsm ... 
Sterling Drug-...! 

Stevens (JP) ; 

Stokely Van K— 
Storage Tech. ... 

Sun Co I 

Sundstrand i 

Superior Oil ! 

Super Val Strs—; 

Syntax. 

TRW J 

Taft J 

Tampax j 


7% 7% 

X 64 - 15 
14ift • 

32% 324 

6914 I 704 
104 • 104 
137, ! 14 
16% 1 164 
314 [ 314 
137, [ 134 
24% 1 247a 
444 : 44*, 
34% ' 54% 
887, > 88 >? 

30% 1 294 
254 : 35 
28 : 28 
25 < 25 

257ft 247g 

534 ! 327g 
24% i 2370 


32% 1 S1t b 
40% J 3970 
$6 1 35% 

15% ; Z54 
20 % ■ 21 
25 , 247a 

14% 14% 

30% I 30% 
264 25% 

34 33% 

39 j 38% 
314 ! 30 
18 . 184 

357 B : 35% 
491ft 494 

30 ,* 29% 

34% I 344 


Tandy I 

Teledyna 1 

Tektronix- I 

Tennsco 1 

Tesora pet 

Texaco 1 

Texas Comm. Bk 
Texas Eastern... 
Texas Gas Tm.„; 
Texas Instr’m'ts.. 
Texas Oil A Gas-! 
Texas Utilities—! 

Textron • 

Thermo Electro.. 
Thomas Betts.—. 1 
Tidewater 

Tiger lntl — 

Time Inc - 

Times Mirror 


32 

1214 

504 

284 

21 % 

30 

34 

46% 

274 

824 

28 

31% 

234 

17 

51% 

27% 

74 

36% 

444 


' 307a 
.11654 
505* 


Timken 

Tipperary. 

Tonka 

Total Pot 

Trane 

Tranaamahca .. 

Transway 

Trans World—. 

Travelers - 

Tricentrol — 


.! 644 
.1 124 
.: 23 4 
-| Bi, 
. 88fa 
. 19% 
- 225ft 
. 31 
-i 4970 

. 63* 


21% 

50 

1 334 
! 464 
1 271ft 
' 804 
28 
21% 
i 23% 
I 17 
, 51% 
274 

I 7, ‘ 
37 
44*, 


I 544 
117a 
234 
8% 
294 
, 194 
23 
203« 
i 50% 
1 7*i 


Trl Continental- 
Triton Energy— 

Tyler 

UAL- 

UMO India. 

Unilever N.V. — 

Union Camp 

Union Carbide 


184 1 184 

117, | 117, 
i 16 I 157, 
19% 197, 

81a 1 8 

584 594 

4S1| <164 

47 474 


Union Oil Cal 

Union Pacific 

Uniroyal : 

Urrtd Brands 

Utd. Energy ResJ 

US Fidelity G 

US Gypsum j 

US Home I 

US Inds : 

US Shoe. 

US Steel 

US Surgical- -...* 
US Tobacco | 

Utd. Technolgs- 
Utd. Telecomms., 

Upjohn - • 

VF — 

Varian Assoc*—.. 
Vemltron 


Virginia EP 

Vulcan Matrls— 
Walker (Hi Res... 
Wal-Mart Stores. 

Wamaco 

Warner Comma- 
Womer-Lambt ... 
Washington Port 
Waste Mangt— 

Weis Mkts 

Walls Fargo- 

W.Point Peppi- 
Western Alrilnesl 
Westn. Nth. Amr. 
Wcstlnghouse 

Westvaoe. 

Weyerhaeuser — 


Wheeiabratr F ...I 
Wheeling Pttts.J 

Whirlpool 1 

White Consottd-l 

Whittaker ; 

Wickes 

Williams Co 

Winn-Dixie 8tr— 

Winnebago I 

Wise Elec Power; 

Woolworth 

Wrlgley 

Wyly 

Xerox - 1 

Yellow Frt Sys .... 

Zapata - 

Zenith Radio—... 


34% j 33% 
387ft 38% 

7% I 7% 
114 104 

33% ' 334 
44*0 ; 45 
314 . 314 
11% ; 114 
84 1 81* 
304 30 . 

234 - 23% 
18% ; 184 
45% 45% 

35 35 

367 8 ; 36 
18% I 18% 
46% ! 46% 

354 : 36% 

31t 8 i 324 
104 I 10% 


127, 

494 

124 

445* 

28% 

554 

234 

30% 

32 

387, 

227, 

224 

3% 

127, 

25 

22 


: 12 % 

494 

12% 

. 46 
! 28 
. 54% 

iff* 

, 5,5 
I 22% 
' 3% 
12% 
24% 
214 
26% 


34% \ 34*« 
17% | 163, 
267b — 

254 
244 
44 
20% 

334 
5% 

304 
174 

2 I“ 

37% 

12% 

19% I 19% 
144 . 13% 


27 

26 

244 

204 

333, 

55, 

304 

17 

30 

77ft 

374 

12% 


Indices 


NEW YORK 


'April 

6 


-DOW JONES 


April 1 April | April \ Mar. ! M_ar. j 


1983 


Since Cm oirt) 


31 | 30 ; High I Low < High | Low 


elndustr* le 833.55' 835.55; B3SJ67i 835.24 822.77 024.48 

H'me Ends.' 6B.1 t! 68J6' BS.14 j 67Vs8.0a! 

. 1 1 1 1 1 

Transport. 34IJ7; 3S9.I4 389.34 33BJI4,353.08 '333. 15i 

Utilities. ilMJ* 110.16: 110J0 109^ 106.26' 108.33 

Trading Vol i I I 1 ! | 

000-f ,43,200- 46,900, 53,800; 57,106:43,300 43^00; 

•I i I III 

#Day's high 842*5 low 82 7.91 


682.52 
1 4/ 11 
58.56 

IIOlSi 

368.46 

t7/l> 

1 10.34 
(614) 


765.47 1 1051.70 41.22 
iSf5t (11)1(73) <2)7|SZ) 

65.67 • — , — 

(12C* : 

. 314.56 447.50 12.23 

i <8.'J> (16/4(81) (3(7 '52) 
105.61 163.52 10.5 

iW.'l) (20/4) 691 (29)4/42) 



! April 2 

Mar. 26 

Mar. 19 

Yoarago (approx 


! 6.64 

6.64 

6.92 

5.50 


STANDARD AND POORS 


Apri'^.Wrt'Unrt'iM.r. 

1 Mar. 
30 

| 1982 Since Cmpil’t n 

High | 

Low | High ] Low 

lndust a U_..j 128.23' 127.45 127-90’ 128JBJ 124JS 
Composite | 115Jfi| 114.75; 115.12- 115.79j 111.96] 

| 124,83 
112.27 

1S7J8 
14(1) 
122.74 
(4/11 \ 

118.41 j 160.88 ; S.52 
lfl(B <2B/n(M(50«;57) 
107.54 f 140.52 1 4.402 
(8(5) VJa/11 8tf tl/8,42 


! A P? r. - Apr. • Apr. : Agr.j 


High 


19B2 


Low 


AUSTRALIA ' I ■ ■ ( 

All Ord. <1)Ii60) . 470.4 ■ m* 481.2 . 460 3 \ 696^ (4fTi I 466 J (10(51 

Metal A Minis. (1:1)30) 556.8 , 52S.4 325.4 ■ 322*2 I 42S.I (6)1) < 322 J (E'4| 


AUSTRIA ; ; ! 

Credit Aktien (2)1/02) 63JJ6! 55.02 I 63.42. 55.64 8BJ6 |4/1) 1 65JJ2 (6(4) 


BELGIUM 

Belgian SE <61/12/651 


I ! ! 

101.82 102.10 i lOt *5 101 M 102.45 <5f*1 


08.42 (20(11 


DENMARK I I 

Copenhagen SE (hi, 731 121.56 12U9 121.46 J21.40 1 126 J2 (25(2) 112.80 iB/ffi 


ind. div. yield % 

Mar. 31 

Mar. 24 

Mar. 17 

Year ago (approx 

S.92 

6.68 

6.08 

4.47 

Ind. P/E Ratio 

7.57 

7.64 . 

7.37 

9.64 

Long Gov. Bond yield 

13.38 

13.14 

13.14 

12.40 


NY. S.E. ALL COMMON 


1982 


April Abril Apr. April - 

b 6 1 2 1- 


High I Low 


66.4168*466*255.48 71 JO 
; i . i^'ii 


62.52 

(1213) 


Rises and Falls 

; April 6 April 5 April a 


1,870 ' 1,360 
732 : 1,026 
721 ; 462 
417 ! 373 
26 . 56 

12 '■ 15 


Issues Traded— 1^55 

Falls | 588 

Unchanged— 488 

New High* 20 

New Lows 20 


MONTREAL 


:^ r * 


: I I 

April ' April April I- 
5 j Mil 


1982 


High 


Low 


industriato \ C79.S6 278^1 250.6a 261 , 66 ! 632.79 (4(1) 
combined | 268.2a; mjiV 267^4, S*SJM (4/1) 


TORONTO Composite! 1581j| 1686,71 1667,6; 1690.4! 1666 JS (4)1) 


270.46 (16)3) 
259.08 (16/3) 


1557.6 (15/3) 


NEW YORK ACTIVE STOCKS 


Tuesday 

ATT 

Exxon 

Teladyne 

Union Oil 

Phil Fate 




Change 




Change 

Stocks Dosing 

on 


Stocks Dosing 

an 

traded 

price 

day 


traded 

pnee 


753.300 

56 

+1% 

IBM 

. 489.400 

61% 

+ 

668,600 


-era 

Gen. Motors 

. 4-19.200 

42% 

+ 1. 

611. SCO 

121 

+4% 

Cities SVC 

. 403.400 


+ 1% 

562.600 

341. 

+ 1% 

Getty Oil 

. 402.800 

46% 

+ 1% 

530.300 

32% 

- h 

Raytheon 

,. 3S5.300*d 32*a 

-1% 


FRANCE 1 1 ; 

CAS General <22/12/6 li 100.4 : 100.20' 100.30' 33. W 104.0(22/2) 

Ind Tendance (31/12/3)) 115.6 1 115.5 : 115.4 ; 115.201 124.0 (19/2) 

BS.6 (4/1) 

97.7 /4/li 

GERMANY « ! 

FAZ-AkUen (51/12/53) 250.43 253.02 233.46- 5S8.2B 239.45 (S)4| 

CemmersbankiDecIS5) i 723.7 < 726.0 ' 723.5 726,50 729.8 (5.'4i 

218.55 (18/1) 
666.7 <16/0 

HOLLAND i i . 

anp-cbs General rwro) si.3 ■ 31.4 ; 82.4 si.4 ■ 32.4 <S/4> 

ANB-CBS mdust (1970) 72.8; 122 ' 75,3 73.2 - 73 J iS;4j 

14.3 (6/1) 

65J (4/U 

NCNG KONG } ■ 1 

Hang Seng Bank <31/7/84 1187.22,1^03.12: fd II9L27: 1445.52 |W1| 

1 123.83 0,'ei 

ITALY 

Banca Comm ltal^1972) 

I543o| 1B6.70| 198J!2 : 202,71 

ZI2.6B <W\ 

161.46 (15/li 

JAPAN” 

Dow Average (16/5149) 
Tokyo New SE (4/1.88) 

! ! : 

7250.53 729539 7544.357332.96! 7926 25 127/1) 
552.451 555.75’ 559.56' 537.66: 586 J3 (?7/1i 

6888.52 (17/3) 
520.70 (17/3) 

NORWAY j 1 1 

Oslo SE 0/1/72) '• 115,4+ 111,51, 111.82 110.17' 130^3(28/1) ! 109.12(1/4) 

SINGAPORE 1 1 1 . 1 

Straits Times (1966) ' 73m; 757^4 737 M 733J0 8I0J8 ( 6 /I 1 | 037.49 (9/5) 

SOUTH AFRICA ■ > 

Gold (1963) (U) ' (0) 476J 485.0 

Industrial (1W) 1 (U) 1 (CJ I 681J 684.2 

668.5 (Ell) 
711.7 (8/1) 

41U (8/5) 
562.3 (28/5) 

SPAIN j 

Madrid SE (50/12/81) 1 1B2J9! 102.87 

i 

fc> j 102.06 

107.45 (6/2) 

89.17 (6/1) 

SWEDEN 

Jacobson A P . . fi/i/58) 

501.15' 578L56 

! 

577.02- &66.D7 

B6&5S (22/1) 

677,02 (5/4) 

SWITZERLAND 

Swiss BankCpnJJin2/58V 

261.4 ; 260.3 

282.1 | 281.1 

285.7 (11/1) 

242.3 (11|5) 

WORLD 

Capitol lntl. (1/1/70) 

1 

- ! 15L7 

15L8 133.5 

H74 (4/1) 

129,1 (17/5) 


{**) Sat April 3 Japan Dow 7.333-32, TSE 539.69- 
Base values of all indices era 100 except Australis All Ordinary and Merab — 
500: NYSE All Camon — 50: Standard and Peon — 10; and Toronto— 1,000: tha 
last named brand on 1975. t Excluding bonds. 4 400 Industrials. $400 
Industrials plus 40 Utilities. 40 Finsoclsia and 20 Transports, c Cloud, 
u Unavailable. 


Wall St narrowly mixed early 


SHARE PRICES were mixed at 
mid-session on Wall Street as 

investors took . a wait-and-see 
attitude towards the market 
pending some signs of an end to 
the recession. 

The Dow J ones Industrial 
Average moved in a narrow 
range ail morning, mostly down- 
wards, and was oft «i.57 to S3S.76 
at neon. However, the NYSE All 
Common Index was up 14 cents 
at S66.55. • 

Advances led declines by six 
to five as volume increased to 
29.73m shares (23.76m). 

Institutional i nvestors are 
underinvested in stocks but are 
re-entering the market slowly in 
the face of an uncertain econo- 
mic outlook, analysts said. 

The market was under 
pressure from projections that 
first-quarter corporate earnings 
will be down sharply, the April 
money supply will show a 
sign ifica nt Increase and that 
President Reagan and Congress 
will have difficulty reaching a 
compromise on the Federal 
Budget. 

Trading was featureless, with 
few issues showing price changes 
of more than a point. Metro- 
media had the biggest gain, 
climbing 2} to S192 after adding 
5} on Tuesday. The company 
plans to sell certain assets of its 
outdoor advertising division for 
$450m. 

Also higher were John Blair, 
up 21 to $32}. Western Union 
to $31. and SXapco 1} to $31}. 

Oil Services stocks were weak, 
with Galveston Houston down 
2i to $33}. Geosource 1} to S32| 
and active Hughes Tool 1 to 
$291. 

RCA was the volume leader, 
gaining ; to $22. The company 
has recently been the subject of 
takeover speculation. 

THE AMERICAN SE Market 
Value Index was up 0.80 to 
at midday on turnover of 
2.6m shares (1.46ru). 

Matrix was the most active 
isue. oft i to $191. A block of 


Closing prices for North 
America were not available 
for this edition. 


*•43100 shares traded at S19. 

Perini Corporation rose 2) to 
S32; following recent favourable 
comments by analysts. 

Canada 

Toronto stocks were slightly 
firmer at mid-session, with the 
Composite Index up 1.6 to 
1 383-7. Volume totalled 1.44m 
shares, against 2.17m at noon 
on Tuesday- 

The Metals and Minerals 
Index was up 5.9 to 1,483.2 and 
Oil und aGs 6.8 ahead to 2^92.3. 
but Golds were off 3.9 to 2,429.7. 

Tokyo 

Share prices closed sharply 
lower with a waiting sentiment 
dominating the market because 
of uncertainty caused by the 
Falkland Islands dispute and 
U.S.-Japan trade friction. 

The Nikkei - Dow Market 
Average shed 63.06 to 7,230.53 
on widely scattered selling in a 
thin market, with trading volume 
230m shares (260m). The Tokyo 
Stock Exchange index fell 3.30 
to 532.45. 

Export-oriented issues. Large 
Capital and other Blue Chips led 
the decline, followed by issues 
related to public spending. 

Stock analysts also noted that 
interest in low-priced Domestic 
Industry issues, which are free 
from trade friction, is fading. 

Construction companies. Foods, 
Non-ferrous Metals, Shipping 
Lines and Textiles fell, as did 
the second market. 

Major losers Included Mat- 
snshita Elec, down Y2l to Y955. 
Nippon Elec Y9 to Y710. Sony 
V70 to Y3.360. Canon Y18 to 
Y6fl5. Toshiba Y5 to Y304. Snml- 
fomo Metal Y4 to Y179 and 
Tpyota Motor Y5 to YS49. 

Australia 

The market posted one of its 
strongest rises of the year as a 
sharp rise in Gold prices 
prompted determined demand for 
leading Metal and Oil issues. 

At the close, the All Ordinaries 
Index was up 6.9 to 470.4, while 
the Resources measure rose 10.2 


to 34S.3, the Metals Index 10 to 
346.4 and the Oil and Gas Index 
gained 15.5 to 395.6. 

The resources gains were made 
on low volumes, reflecting a lack 
of available seller scrip. HIM 
rose 12 cents to AS2.80. CRA 
gained 5 cents to AS3.55 and 
Western Mining was up 8 cents 
to AS35S. • 

North BH rose 2 cents to AS1.R2 
and Bougainville 5 cents to 
A81.27. 

Gold stocks had Poseidon up 15 
cents at ASt-65. Pcko 10 cents 
higher at AS4.75 while Central 
Norseman held steady at A $3.90, 
as did GaiK at AS2.30. 

Among Oils. Santas gained 20 
cents to AS425, Claremont rose 
4 cents to 74 cents and WoodsMe 
was up 3 cents at 75 cent*. But 
Harlogcn eased 6 cents to A$2.94 


Hong Kong 


The stock market closed just 
above the day's lows with 
trading thin for much of the 
half-day session. 

Investor interest centred on 
Blue Chips, particularly Cheung 
Kong which eased after 
announcing higher 1981 results 
on Tuesday but warning of diffi- 
culty in maintaining profit 
levels this year. JardCnc 
Mathesoa and Hongkong Land 
were also easier ahead of their 
1981 results. 

The Hang Seng index fell 12.90 
to 1.187.22, retreating through 
the 1,200 level which it topped 
on Tuesday for the first time 
since March 25. 

Cheung Kong fell 30 els to 
HKS15.70. while HR Land dipped 
10 cents to HKS6.65 and JanUne 
Dlatbeson 20 cents to HKS15.4D. 

Elsewhere, HK Bank lost 
20 cents to HKS14.70, and IIK 
Electric . 5 cents to HKS5.05. 
while Hutchison Whampoa held 
at HKSX4 with Swire Pacific 
“A” 10 cents up at HKS10.5D. 

Second and third liners also 
eased. 


the sidelines, for the Easter 
holiday. 

News towards, the end or the 
session that V1V wouW ■ pay- a 
reduced dividend of DM B wu 
better than the market expected, 
and the share closed at DM 143.30 
up 0.30 from Tuesday's dose, and 
DM 1.30 above its opening low. 

As the Commerzbank Index fell 
5.3 to 720.7, most Bank shuts 
slipped; but . Deutsche Bank 
closed unchanged at. DM 285 Jq 
after announcing lower 1981 
profits following sharply higher 
. risk provisions. 

Commerzbank itself slipped 
DM 150 to DM 15150, off its 
DM 151 session low. and Dresdooc 
was down DM 2 at DM 162^0, 
having touched DM 261,50. - • = 

. HetoJtlgesellschan suffered an- 
other bout of selling following t 
warning on Monday of a possible 
dividend omission. It elosed at 
DM 201. down DM 15 on the day 
and DM 3&50 below last Friday^ 
closing price. Preussag shed 
DM 1.60 to DM 200» but Dejgussa 
was up DM 1.30 at DM 22380, 
having fallen sharply last week. 

Paris 

Share prices were mixed in 
thin trading with no major new < 
factors affecting -sentiment; . 

Financials, Foods and Stores 
were mixed, while Metals were 
mixed with an easier bias. Rani% 
were steady and Constructions 
mostly higher, but Engineerings 
and Electricals were easier. 


Johannesburg 


Germany 


Share prices came off their 
lows following a quiet session 
with many investors already on 


Gold shares closed easier with ' 
the bullion price in fairly active 
trading, after opening slightly 
firmer. 

However, a few producers held 
their firmer opening levels. 
Among Heavyweights Barttes 
shed 150 cents at R50.Q0 and 
Buffets 75 cents at R40.75 hut 
Durban Deep gained 100 cents at , 
R 15.75. ' ■ . [ 

Financials shadowed Golds- but • 
other Minings wore quietly firm. 
Industrials closed mixed to firmer 
where changed. ' 


CANADA 


BELGIUM (continued) 


Stock 


Anrli 

6 


April 


April 7 


, Price +oi 

i rn \ ~ 


HOLLAND 

April a 


Price 1 4* or 
Fil. 1 — 


AMCA Inti 

Abitfbf. 

Agnieo Eagle..— 

Alcan Alumin— . 
Algoma Start—.. 
AibiStoi. 

Bk. Montreal 

Bk. Nova Scotia. 

Basic Resources 

Bell Canada ' 19 

Bow Valley 14 

BP Canada ' 29% 

Brascan A....—.. ; 

Brineo ..... ..... 

B. C. Forest 

CIL Inc. - 

CadlllacFalrview 
Camflo Mines—.. 

Can Cement. • 


Can NW Lands.. 
Can Packers... — 

Can Trutco 

Can Imp Bank 

Can Pacific- 

Can P. Ent ... 

Can Tire 


29 j Petroflna 

17 % | RoyaJe Beige 

7*8 |Soc- Gen. Banq...| 
22% {Soc. Gen. Beige... 

25% SoRna- 

13 >4 Solvay- : 

21% Trade n Elect—.. 1 

22 U . UCB- 

Union Miniere.... 
Vieille Mont. 


2, 795, 

1.5051 +9 
3,870 —IS 
2,280 —20 
2.830 —20 
2,120 —80 

816 

2,060. *70 



Chieftain 

Co min co- 

Cons Bathst A— . 
GonLBk. Canada 
Ccteka Rnro'ra 

Certain.. 

Daon Devei 

Denison Mine* ... 
Dome Mine*. ..... 

Dome Petroleum: 
Dom Foundries A 

Dorn Stores.. ... 

Domtar. ; 

FalconNIcKM 

Senator — : 

GL -West Ufa 1 

Gulf Canada^ 1 


2«% 

20% 

15I» 

35i* 

18% 

451, 

14% 

6% 

7 

5.55 

22% 

15U 

8** 

52 

16% 

18% 

65% 

15*2 


23 

29% 

27% 

25 

281b 

15% 

35% 

18% 

45% 

14% 

I* 

7 

3.65 

aau 

15% 

8% 

31% 

16% 

18% 

55% 

15% 


’ Andelsbanken. .. 12S 
BaltlcaSkand.. . ' 385.4 +0 
CapKandeisbank; 127.2 .... 

• D. Sukkerfab 353 + 1 

’ Danake Bank 127.2 

East Asiatic. 104.4 1 

; Forende Berygq- 614 +7 

• Foreneda Damo. 436.4 + 1 

GNTHIdg 271.4 .. . 

Jyake Bank 1 175 . . 

. Nerd Kabo I • 140 .. . 

Novo tnd 1,598 1 +8 

■Paplrtabrikkar.J 91 

) Privatbanken— 135.6 
: Provinsbnnksn... 1 13.4 .. . 

Srnidth (FI) 221 -1 

S. Berandien , 500 . -6 

Superfos 100 • 


215 215 

, 12 % r 12 % 

GulfstreemRes—! 3.50 I 2.69 
Hawk 8id. Can— i B% [ 9% 


FRANCE 

April 7 


Price 

Fra. 


Hollingar Argcs.J 26% 
Hudson Bay Mng. 17% 

Hudson'sBay 22** 

Husky Oil ' 7% 

imasco • 39 

ImpOilA • 21 

Inoo 13% 

Indal 14 

Inter. Pipe 16% 


263* 

18 

22% 

7% 

59 

207a 

13% 

14 

15% 


‘ 1 

i Emprunt *4% 1973] 1,960 
Emorunt 7% 1973 6,520 

CNEfiX i 2,821 

AlrUqukie — | 

Aquitaine ... ...... i 

Au Printemos. «.| 


Mac Sloedel 

Marks* Spencer 
Massey Ferg ..... 
McIntyre Mines... 
Morland Explor..' 

Mitel Corp 1 

Moore Corp 

Nat. Sea Prods A 


22% 
9% 
2.47 
33% . 
6.00 
22% ■ 
59 
7% 


NoranOa Mines -j 16% 16% 


BIO 

Bouygues J 

BSN Gervois i 

Carrefour ...; 

Club Mediter 

CFAO 

CSFCThomsoni .. 

. C/e Bancaire .... 
:CleGenEaux 

“J jCreusot Loire.... 


+«r 


—IB 

—80 


465 ' +7 
1264) +6.1 
143.8; -1.2 

-4.9 
-13 


22 >a 
9% 
2.50 
31 
6.00 


Nthn. Telecom...' 
Oakwood Pet — 
Pacific Copper...; 
Pan can Petrol...: 

Patino — 

Placer Dev 

Power Corp, : 

Quebec St/gn 

Ranger Oil 

Reed Stenhs A.. 

Rio Aigom 

Royal Bank ' 

RoyolTruatco A.. 
SceotrsRes. .... 

Seagram 

Shell can Oil 

Steel o( Can A.... 


54% 
9% 
1J35 
63% 
18% 
12 
11% 
2.80 

6J S 
11% 
34% 
22 % 
15% 

6 
64 
26*» 
20ij 

reckfi. 7% 

Texaco Canada— 25% 
Thomson Nevus A 21% 
Toronto Com Bk. 38lft 
TransCan pipe .. 21 
Trans Mnin. Oil A> 8 

Utd. Sisco Minos' 4*5 , 
Walker (Hi Res...'' 15 
Wratcoat Trans., 13% , 
Weston (Geoi i 36 


54 

9*2 

1.30 

64 

1B% 

12 

11 

2.75 

6% 
11 % 
54 % 
£2% 
13% 
5% 
65% 
16% 
21>a 

7% 

25 

22 

29 

20 % 

8% 

4.00 

15%. 

137 b 

351- 


425.1' 

720 ' 

1,398 

1,590- +35 
580 : +7 
543 ; -10 
189 -1.1 

:»s ; 

309 ; +2.5 

115.9! 

72 i -0.5 
117.9, +0.4 
43 : -0.1 

1,0351 

378 1 

68.9 -1.1 
260 -1.1 
892 -1 

1.628 -33 

32 

1351 -44 

697 -5 

680 +10 

57.1 -0.4 
549.0 +1 

176 -2.S 

171.6 -0.9 
145 — S.2 
285 ' -1.5 
912 +12 

Roussel-Uclat .. ,'29l*t 

Skis Rossignol. .. 519 +4 

Telemech Elect. 740 —2 

Valeo 221.5 -l 


CFP 

DNEL. 

D umoz 

Oon. -Occidental ' 

: Imetai ' 

• Larfarge ! 

1 L'Oreal ■ 

' Logrand. I 

Machines Bull.... 

Matra 

Miehelin B 

Moet-Henneoey J 

Moulinex ! 

Pernod R I card „ J 

Perrier - 

Peogeot-SJL 

Poclain 

Radiotech 

Redouts 


GERMANY 
April 7 


Dm. 


AUSTRIA 


April 7 • Price ! or 


AEG-Teief- , 42.5 -0.4 

■ Allianz Vers.. ; 466 ■ -2 

BASF 135 - 0.4 

.•BAYER.... 126.4 —0.6 

Beyer-Hypo \ 218.6' —0.8 

, Bay er-Verein 293.5 + 0.3 

BHF-Benk 220.5 + 0.5 

BMW 310 -0.1 

; Brown Bovcri ..... 

• Commerzbank... 

} Cont* Gurrnnl ] 


« i 


220.5 
210 
225^ 

161.6 

. 53.6 

{Daimler Benz 283.5 —1.8 

'Degussa 223.8 +1.3 

{Demag 140 i 


— 1.2 


Creditanstalt 

Lander bank ; 

Perlmooser ! 

Semperlt 1 

Steyr Daimler^...' 
Veltscher Mag- ! 


220 ' 

191 
£85 

78 ! 
163 i 

192 ' 


+ 1 
+ 13' 


+2 
+ L 


■ D'sche Babocck.; 2043 
Deutsahe Bank ... 286.5 
.. DUSchulL. ! 176 I 

I Drosdner Bank... 162.6 

GHH„ 193 ■ 

j Hapag Uoyd i 64*. 

EHoechsL.. 123 | 

, Hoescti ' 26 • 

Holzmann iP) 421 • 

. Horton.. ...J 117.5 

LKaJl und Salz 1 171 

iKaratadL ISO 1 


-1.5 

-6 


-2 

—2 


: ACF Holding 

78.5 

+ 0.9 

, Ahold 

85.7! 

* 1.2 

AKZO. 

30.8 

+0.3 

ABN 

289.0. 

-1 

AMEV 

83.B 

+ 0.6 

i AMRO 

4B.7! 

-0.3 


195 

+ 1 

■ Boss Kails . . ...... 

6 l.B 

-0.9 

- Buhrmann-Tet — 

44, S 

+ 0.8 

Caland Hldgs 

34.7 

-0.1 

Elsevier NDU 

149 ' 

+ 2.5 


116.5. 

+ 0.5 

Euro CommTst... 

75.7| 


Gist Ero cades... 

70.4 

+ 0.3 

Heineken 

55.7| 


Hoogovens 


+ 0.1 

Hunter Douglas^ 

6.9 


Irrt- Muller...,. 

24.2 

-0.3 

KLM 

108.8. 

- L5 

Naarde's «... 

28.8, 

—0.3 

. 1 Nat Ned cart... _ 

110.5, 

-0.3 

' Ned Cred Bank... 

36.5; 

-0.3 

Ned Mid Bank.. . 

125.5, 


Ned Uoyd...._„. 

123.5: 

-0.4 


106.6 

-1.7 

i Ommeren (Van).. 

28.7 

+ 0.5 

j Piafchoed...— 

42.5 

-0.3 

Phillips- 

24.6 

+ 1.0 

Rijn-Schalde 

25.7 

+ 2.7 

• Robeco 

208.3 

+ 0.7 

- Rodamoo 

129,3 



205.2 

+0.9 

, Reran to 

147.4 

-0.3 

• Royal Dutch....... 

90 

+ l.B 

J Slavenburg a 

87 

-1.3 

■Tokyo Pac Hg_... 

208 



154.7 

+0.7 

■ Viking Rae. 

120 

+3 

Vmf Stork 

49 

-0.5 

. VNU— 

57.61 

+0.6 

Volket-Stevln 

34.3 

+4.9 

West Utr Bank... 

88 j 

+2.5 

ITALY 



April 7 

Price 

+ or 


Lire 


Asslcur Gan 

148.000 

+450 


38,400 

-600 

Bastogl Fin 

185 

-7 

Centrals 

5,185 

-65 

Credlto Varaaino 

8,630 

—120 

Rat 

1.766 

—13 


42 


. invert ....... 

3,910 


! Italeementi 

37,100 

-50 


1203 


Montedison.. — 

130 

1 

Olivetti 

2,760 

-15 

■ Pared! Co - 

2.591 

-14 

, Pirelli Soa 

1,360 

—40 

Srtla Visoosa. 

730 



16,710 


{ do. Prsf... u 

13,400 

-530 

j NORWAY 



April 7 ' 

Price ; 

+ or 

I Kroner 


BergensBaks ...! 

112.5 



117.5 


.CredttPank 

133 ; 


.Elkem 

46 \ 


, Koamos 

3B5 


Norsk Hydro 

322.5 

+ 7.5 

J Storebrand- 

216 


SWEDEN 



: f 

| April 7 . 

Price . 


r Kroner 


•AGA 1 

209 ! 

+3 

Alfa-Laval 

215 • 

— 1 

ASEA 

164 ' 


, Astra 

370 : 

+ 3 

■ Atlas Copco 

117 ; 

+ a 

j Bolldon.... 

215 - 

+ 11 

-Coilulosa 1 

230 ' 

+ 1 

Electrolux B 

39.5- 

+ 1 

Ericsson 

206 ! 

+ 1 

Eeseltg/Fraai 

125 j 


Fas era to — 1 

136 , 

+ 1 

Fortin (Free) 1 

115 1 

+2 

Mo coh Com 

130 ; 

-1 

Saob-SkanJa 

130 1 

+ i 

. Sandvik(Free) ' 

IBS ' 


Skartdla I 

452 ’ 

+ 1 

Ekan Enskllaa 

203 ; 

+ 2 

5KFB I 

128 1 

+ 2 

St Kopoarberg ...' 

283 

-f 6 

Sven Handeiabn . 

97.6, 

+ 1.5 

Swedish Match. ' 

110 ; 


VolvotFree) 

142 

4 

r 



SWITZERLAND 



l 

■ + or f 

April 7 

•rice ' 


! 

Frs. 


Alusulsse • 

555 

-30 

« Brown Bower!-...: 

1,110 

-20 


AUSTRALIA 

April 7 


! Price 
jAutt. S 


+ or 


JAPAN (continued) 

April. 7 


AN2 Group ; 3.72 

Aorow Auet. 2>6 ? 

Ampol Pet ; 1.49 

Assoc. Pulp Pap ft 1.50 

Audlmeo J 0.07 

Aiisi. Cont. Ind.. J 1.52 

AustGuarant | 2.15 

Aost. Nat. Inds...i 2.50 

Aurt. Paper— | 1,92 

Bank NSW ; 2.69 

Blue Metal : 1.17 

Bond Hldgs • 1.07 

BTrtlle'cooper!!!: 1A7 j +QJS 1 M'blsMRI East^. 
Brambles Inds....! 2.0B { +0.05 MHI-. 


.Kubota 

Kumgaat 

Kyoto Ceramic.. • 

Uon 

Meedacons. 

t Makita 

■ Marubeni 

+ Maruaai 

+b.oi 

Matsushita 

+0 01 M'ta Clec Works. 

+0JI2 M'bisbi Bank 

+0.112 M’bishi Corp ‘ 

+ n at . M bishi Elect 1 255 - 

. 1 Kul. ■ '468 : 


Price; 
Yen 1 

+ or 

~ 336 ' 

-a 

438 

-5 

3,210 


'378 ; 


581 

-S 

731 1 

—9 . 

294 

— 3- 

609 , 

.—4- ' 

BQ4 •: 

-11 

956 

-21 

511 “ 

-3; 

500 i 


567 

-9 


+0.W Mitsui Co-.. . 

+0.22 ‘ Mitsui M Rst»...; 555 
; Mitsukoshl - 


+0.07/ Nippon Denso- .- 

( Nippon Gakkl 

‘♦6x2 1 Nippon Meat....:.-' 
. Nippon Oil., 


390 

921 


Bridge 9.55 i 

BHP : 7.40 

Brunswick OI1....I 0.26 

CRA 2.55 

CSR- ; 3.15 

Carlton A Utd. .. 2.05 
CaatiemainoTYs.! 3.42 
Clutroil'Austi 0.50 

Do. Opts 1 0.50 

Cookbum Ccmt. 1^5 

Coles (GJ) 2.00 

Comelco - 1.8 

Costain 1.70 

Crusader Oil ■ 3.43 

Dunlop ; Q-95 

Eider Smith GM: 2.85 
Endeavour Res..' 0.24 i 
Gen Pro Trust....! 1.53 ■. 

Hartogen Energy- 3.94 

Hooker 1^1 . 

ICIAust , 1.48 . 

Jennings- ' 156 « 

JlmblanalSOcFP 0.18 ; 

Jones (Di 1 1.50 : 

Kia Ora Gold ; 0.09 ! 

Leonard Oil...— ...i 051 ' 

Meekatharra Ms) 2.14 i -0.06 , ??ny 3,360 


468 

+7 

23 1 

-I"-’ 

313 

-5* 

655 

+ 19 

373 

—6 

520 

-1? 

910 



Nippon Shlnpan- . 827 : 4 

..'-(j n; Nippon Steel.. 163 

Nippon Sulsan.—. 229 . 

NTY.. -.... 4.5 00 

, Nissan Motor 713 . 

I..:. NisshinFlour. 330 ' 

♦ 0.02 Nlsshin Steel 164' 

♦ 0.05 Normura 430 r 

NYK C81J 

Olympus — 800 . 

Orient 1,380 i 


- 0.01 

-0.06 

+0.01 

-0.01 

-QJH 


•sr 

♦ i 

-9 - 

+ 8 

z?_. 

-29 


Pioneer - 1,390 \ —20 

Renown- 690 —20 

Ricoh 463 ; -12 

. Sanyo Elect — 410-1—9 

■■ ; Sapporo ‘ 234 / —3 

+0Jli : Seklsui Prefab 676 

“■ — ' 679 


BELGIUM/LUXEMBOURG 


{KauThof- 154^ 

IKHD. ! 178 


: Kloockner, 

' i : Krupp- 

April 7 ! Price • + or j Linde....... 

; pry. — fLurthanea _...i 

1 MAN ... 


68,5; +1 
58 
297 
73 
173 
150 
344 


ARBED 1,545; +15 \ Mannewnann .... 

Banq int A Lux... 1 4,075i 1 Mercedes Hlg 

Bekaert B l,940i -60 j Metallgessell ) 201 

Ciment CBfL. ; 1,750; ... MuenchRuck ; 688.3 

— — ; 213 +3 preussag- \ 200 i 

- 2,020, -15 Rhein West deed 171 | 

EJeotrobe)..,. J 4,635' , Rosenthal. • 264 


F^rique Nat-....! 2.720; -20 ! Sobering "“i 282 ( + 0.9 

j 2.500 1 -20 jsiemen. | 233.4 —2.2. 

GBLlBruxLj- 1,350: —90 Thysson— ■ 90 i — 0 3 

Gevaert....... ' l,87B‘ +65 /Varta...- ■ 178 l 1 

Hoboken S710. +65 Webe ...... " . 138 i 

1.535. -30 .Vorein West ; 288 I 

Mn 8 ^ nk,,,, "i S’S2 Voikswegen 145^ 

ran Hldgs-, | 5,920] i I 


-16. 

-0.4 
-2 
-0.5 
-1 

— 1 ftCIba-Geigy I 1.290, +15 

—1.1 f do (Part Carts)„ 985! 

_4 {Credit Suisse 1 1,630, +5 

•Elaktrowatt • 2,300; +6 

—0.1 J Fischer iGoo)„. 4651 —30- 
1 Hoff -RochePtCts 60.625' +625 
;Horr-RoolW HID, 6,075; +50 

, Interfood- I S,750j 

" JJelmoll - 1,300! +15 

—4 I Landis AGyr ! 910' —10 

_16 I Nestle I 3.310, +30 

(Oer-Buhrlie | 1,260; —25' 

-1.6 l Pirelli 237; 

—0.6 : Sandoz (B) : 4 gOO- 

; Sandoz (Pt Ctsj ' 546 

Schindler (PtCts? 262| 

Swlssari ; 745 

Swiss Bank 304 

Swiss Relnace 6,070 

Swiss Volksbk....; 990 

Union Bank M I 3,065. 

Winterthur 8.225 


—0.9 

-0.5 


+0.5 


+25 
+ 9 
+ 2 
-4 
-3 
+ 25 


+25 


I zilrich Ins-^Dlsizasi -75 


Meridian OH ; 0.18 

Monaroh Pat | 0.13 < 

MyerEmp- ; 1^2 | 

Nat Bank t 2.45 

News I 1.80 . 

Nicholas Kiwi — j 128 
North Bkn Hill,... 1 1JB2 


+0Jn Sharp 

+0J2 ' Shlsledo— 770 


— 0 . 01 ! Stanley 

. j S’tomo Marine...' 

iTaihei Dengyo...; 

■' n iw ‘ Tai *oi Corp I 

+aoa Talsho Pharm.... 
TSra Takoda • 


327 

237 

548 

267 

572 

833 


-IS 

+9 

-70 

+1 

+♦' 
-3 ■ 
+2' 
-3 
-30 


Otter Expel J 

Pancon 

Pan Pacific ■ 

Pioneer Co 

Queen M.irg’t G. 
Kaekltt AGom,... 

Santos 

Sleigh (HCi 


0.60 

1.60 

0,12 

1.34 

o.oa 

1.85 

4.25 

0.78 


Southland M'n'g, 0.23 , 
Spargos Expel.... 0.16 
Thcs. Natwide... 1.86 

Tooth 1.03 

UMALCons 1.48 

Valiant Consdt . 0.11 

Waltons 0.76 

Western Mining.. 3.58 i 
Woodside Potrol a75 ■ 

Wool worths 1.63 ! 

Wormald Inti 2.30 I 


-0.11 


-0.81 


+ 0JZ 

+ 0.00 


■ O.BS I 


HONG KONG 


April 7 


Cheung Kong..,,,; 15.7 . —0.3 .' 

Cosmo Prop j 1,85 1 

Cross Harbour,. ..( 10.2 1 ; 

Hang Seng Bank SO ; — l.B * 

HK Electric.. 5.05 -0.85. 

HK Kowloon Wh. 4.47 — Q.M . 

HK Land 6.65 • -O.l 

HK Shanghi Bk...' 14.7 ! -0.2 ' 
HKTelephdno....' 29.4 -0^3 

Hutchison Wpa.... 14 

Jardlne Math 15.4 . — 0.2 

New World Dev J 3.07 — ojj 

O' aeas Trust Bk_, 6.1 +0.15' 

SHK Props. | 6.4 ! —0.05 i 

Swire Pae A ;. 10.5 ' +0.1 ^ 

Whert'k Mard a. ; 5.6 i — o.D5 ’ 
Wheel' k Marlti'e 6.1 ■ +0.05 

world Int Hldgs.! 2.62 ; 


JAPAN 


April 7 


Price '+ or 
Yon 


Teijin 

'234 

-1 ' 

:Teltoku 01! 

892 

—43 

T3S 

453 

+3 

'Tokio Marine 

462 

-4 

Tokyo Elect Pwr. 

Bfll 

-10 

Tokyo Gas 

112 

. * fra- 

Tokyo Banyo .. — 

420 

'.-I 

Tokyo Corn 

212 

*5' 

Toshiba 

504 

-S. 

TOTO 

413 

-4 

ToyoSeikan 

431 

—4 

Toyota Motor .... 

B49 

-5 

Victor 

1,770 

—30 

Wacoal 

710 

+4 

Yamaha 

686 

-7 

Yamazaki 

563 

-4' 

YaaudaFire 

237 

-1 

s 

s 

1 

UK 

2 

580 



SINGAPORE 



April 7 

Price 

+ « 


S 

“ . 

Boustead Bhd...j 

2JB7 

— 0.M 

Cold storage 

3.84 


DBS.. 

735 

+0,16 

Fraser & Neeve . H 

5.9 

-+0.1 

Haw Par. 

3.16 

— OJM 

Inch capo Bhd... 

1.97 

-OJ* 

Malay Banking... 

5.90 


Malay Brew. 

5.00 


OUBC. 

11.4 

-oa 

Sima Darby 

2.2B 

— ttfli 

Straits Trg 

9.1 

- 0.8 

UOB 

4.00 


SOUTH AFRICA 


April 7 Price • 

+ or 

. 

Rand 

— 


3 • 


AE A Cl i 

7.6_ 

+o.S* 

Anglo Am Odd...' 

au : 

+ 1.5 

Anglo Am Prop...; 

2.6 


Barlow Rand 

9^ 

—0.86 

Bufiela 

40.75 

-0,15 

C Nt qvest.;;„.J 

65 . 



. Currie Finance...} 2.35: 


•—3 

—18 

—3 

'■l 

— 16 
-3 
+9 
+ 4 
+g 


-10 
-120 
+ 20 


Ajinomoto ! 870 ' 

Amada ■ 541 ; 

Asashl Glara^ 566 i 

Bridgestone / 432 I 

Cation^ ■ ' 605 

Cltlaon I 267 • 

Oaiel ^...1 614 ! 

DKBO J 484 I 

t>w Nippon Ptg.J 6511 
Dai wa House..,...! 388 ■ 

Drtwasoifw. ! 379 I 

Ebera- 437 i. 

Elsai I 780 I 

Fuji Bank- J 600 

Fuji Film 1,260 I 

Fujisawa ; 1,220 

Fujitsu Fanuc ,...'4,500 

Green Cross 11,860 

Nasegewa 554 | —5 

HeiwaRlEast- ,| fiei j +5 

Hitachi I 578 ■ +1 

Hitachi Koks.. 446 ; -1 

Honda ... 1 605 -5 

House-food 1,020 ; . 

Hoya «... 680 ; 

Itch (C) 892 

tto-Ham 414 1 

ito-Yokado : 885 , 

JACCS. 460 

JAI 3,560 

JUSOO 589 

Kajima 359 ! 

Kao Soap - 492 • 

Kashiyama 766 

Kikkoman 378 

Kirin 424 

Kokuyo 60S 1 +2 

Komatsu 449 1 +s 

Komatsu Firt 402 ; +2 

Konishrolku 596 [ . 


-ojii 

- 0.6 

-o.n 

+ 0.5 

+ 0.02 


,, De Beer* 5.30 

+ ‘| 1 Drlefontein 1 26.75 

. 1 7 : FS Geduld 31.75 

J Gold Fields SA ...j 66.5 
j Mlghvold Steel .. , 4.12 

; Kloof • 

Nedbank ....i 

OK Bezaarrt. I 

: Protea Hldgs^.... 

:Rsmbrant.. u w..-r 

t Ronnios.. ; 

; Rust Plat 

‘Sage Hldgs....,.;..! 

) SA Brew* — : . — 

Tiger Oats..... „..j l&Jfi -».rt 
Unlseg^ 3,5 • 

Financial Rand US$0. 7&i 

* (Discount of 20%) ■ 


8,3 
30 .a 1 -W 

i!- 1 

2.80 

g.a . 

4*6 
4.10, 

2.50 
.4.6 


+0.B 

+026 


+0.JB 

+ 0,6 

+Oj*B 


BRAZIL 


+2 
— 1 


-10 

+r 

-3 

--6 

-9 

-3 


April 7 


v ' 1 • j 

.{Price ! +®f ;• 
• Crur ! ™ i 


(Aeealta 1.65 -0,w 

1 Banco Brasil J U.90 .-0.14 

1 Belqc Min 4.05 — O-Of 

; Lojas Amer l j ; 7,ifii .. V J 

. Pctrobree PP....... - +at4 

Souza oruz. O^O.-.. 

UnlpPE -i 11,M. +0Jj 

VrtB RIO DOSO 12*0. +O.H 


4 


Turnover. 1 Cr 8,454.8m.- * 
Volume; 843.1m. ■ 

Source; Rio da Jadoire SE. ; 


NOTES — Prices an this page are '**' quoted «i 
Individual e s rtwmgBe and are last traded prices. 5 Dertkigsr 
suspended, xd Ex dividend, xc Ex scrip Issue. TU Ex right* 
xsEx *lt . ■ 





llr 

Mil " 


- I 






. . ; 



31 




X lSlto 



‘; i % 


n i 

*•> i»v '?'■ ] 

■"H 

•r?£? 

"•H-.rt,,. ' J, t- 




"' i: |«:. , *i 

'"'•V 


•'ll ,, 

■' \hJL% 

■-M 1,.!^ 
•‘! i 


•H Hi . , 

» .t* 


!• ' 14 - 

1 ’ «:■ II -i 

•" I., 

S*r..„ ‘ r '^ 


"'•■■a? , 



■■' Ml -5? 


1 telvg- 

' ' 1:1 

.V V M ^ 
■' ** r 1 jl» _ 





ir« 


■ i'ii r r . 

1 ’• 1 r h‘ «fi 


!' ! ‘"III- I'fj! 


■ . "V 
••• I' !|, 3 . 

'»• • '“n.f-.. . 


' •' ? 
•* i ,■ i.”- 


on*.inu<i)) 









financial lines Thursday April 8 1982 


Cwpawas aad Markets 


COMMODITIES AND AGRICULTURE 


U.S. .seeks 


gram talks 


WASHINGTON— The U.S. has 
proposed dates in May for regu- 
lar otmsultatnms with the Soviet 
Union under the long-term grain 
agreement, but has yet to receive 
a response from Moscow, U.S. 
Agriculture Department said. 

- A dminis tration and private 
grain traders said the proposed 
dates are around the week of 
May 10. 

USDA officials also confirmed 
mat Agriculture Secretary Mr 
Jonzr Block is among those in 
the A dm ini strati on sceKing to 
increase t he m inimum and maxi* 
•mum quantities under any new 
long-term grain supply pact 
with the USSR. 

The current- pact expires at 
the end of September. 

Reuter 


U.S. may impose 
sugar quotas 


BY NANCY DUNNE IN WASHINGTON 


S. American 
oilseed output 
fall forecast 


- "WASHINGTON — Sooth 
American oilseed production 
this year vdH decline between 
9 per cent and 10 per cent from 
last year, makdy due to r drop 
in Brazil’s soyabean crop .to 
13-5m tonnes from 15.5m tonnes, 
according to the latest issue of 
the Cargill crop bulletin. 


Mr Redtte^ van Giffen, assis- 
tant vice president for Cargill's 
international oilseed . process- 
ing division, also estimated 
Argentine- soyabean production 
at 4.01m tomes against 3.78m 
tonnes last year. Argentine sun- 
floweiseed prod action at 1.7m 
up from L20m, Argentine flax- 
seed production at 581,000 
tonnes (885.000) and Para- 
guay's soyabean production at 

620.000 tonnes (650,000). 

- Cargill pot South American 
soyabean meal stocks at 238,000 
tonnes at the end of 1982 from 

246.000 tonnes at the end of 
1981 whole soyabean ofl stocks 
were seen reaching 233.000 
tonnes against 231,000 tonnes. 

It estimated South American, 
exports of soyabean meal at 
7.8m tonnes in 1982, down from 
8.93m in 1981, and soyabean oil 
exports at 900,000 tonnes, down 
from 1.26m tonnes. 


Cargill also put South 
American production . of soya- 
bean meal this year at 10.84m 
tonnes against ILBSin tonnes in 
1981 and soyabean ofl 'output at 
2.50m tonnes (JUKLm). 

Rente* . ' . > • 


A FURTHER. DROP in the 
Worid price of sugar of one or 
two cents a pound could bring 
about Imposition of American 
sugar quotas for the first time 
since. 1974, according to the 
UR. Agriculture Department. 

A committee has been formed 
within the Department of 
Agriculture to determine what 
type of qnota would be- imposed 
in the event that the system is 
needed quickly. Under con- 
sideration is an auction bid 
system rather than the country 
by country system of the past 

Congress last year passed a 
sugar kan support programme 
which would set 1982 domestic 
sugar prices at 17 cents a pound. 
However, to make it profitable 
tor processors to se-il sugar 
rather than turn it over to the 
Government for loans or pur- 
chase the USDA has set an 
actual market stabilisation price 
at 19.08 cents a pound. 

.The domestic price is 
“ defended ** against cheeper 
world prices by imposition of 
duties and fees. Duties are set 
at 2.81 cents a pound. Fees 
fluctuate each quarter, fixed by 
the USDA in accordance with 
worid prices to support the 
domestic price. By law, how- 
ever, they cannot exceed 50 per 
cent of the worid price. 


Should the worid price drop 
to 10 cents or 9 cents the fee 
would be insufficient to keep 
domestic prices up, and tke 
USDA could then find, itself 
saddled with large amounts of 
sugar k cannot afford. 

Last year tile U.S. was tiie 
world’s largest importer of 
sugar, buying 5.1m tonnes. 
Processors, expecting the legis- 
lation to pass, bougit heavily 
before tt went into effect This 
year U.S. imports are expected 
to sink to 3.5m tonnes, accord- 
ing to Mr Robert Barry, USDA 
sugar specialist 

In Brussels yesterday the 
EEC Commissi on authorised 
exports of 42,508 tonnes Of 
white sugar at a maximum 


Base metals 
fall back 


again 


export rebate of 25.548 Euro- 
pean currency units per 
100 Jolnv 

As expected the EEC con- 
tinued to delay accepting offers 
for its- new- white sugar series, 
covering exports from July to 
September, setting its export 
subsidy very low at 20.5 ECUs. 

London dealers said the 
export tender result was in line 
with market expectations and 
had little effect on futures 
prices. They calculated the 
white sugar restitution equated 
to about $295 per tonne fob and 
stowed European ports. 


Renewed pressure 
on cocoa prices 


SY OUR COMMODITIES STAFF 


COCOA VALUES on the London 
futures market fell to the lowest 
level for nine months yesterday 
with the May position closing 
£32.50 down at £962 a tonne. 
The price was about £350 below 
the peak level reached at the 
end of September. 

In the absence of significant 
fundamental news dealers attri- 
buted the fall mainly to 
‘'bearish” chart patterns. They 
said the fall was triggered by 
the rise in the value of sterling 
against the dollar. The market 
was still feeling- the impact of 
heavy tendering against the new 
expired March position, they 
added. - 

May cocoa fen the £40 permis- 
sible daily limit during the 
morning. After the mandatory 
15 minute break in trading it 
lost further ground, reaching 
£950 a tonne at one stage. But 


in the afternoon short-covering 
encouraged a minor recovery. 

Hedging took place against 
West African product sales, 
traders said, but the physical 
market itself was quiet with 
industry demand limited ahead 
of the long Easter break. 


Underlying sentiment on the 
cocoa market has been bearish 
for same time In view of the 
chronic oversupply situation. A 
report published by influential 
London merchant GxII and Duf- 
fus last week estimated that 
world cocoa; supplies would 
exceed demand by 81,000 tonnes 
in the 1981/82 season. This 
win be the fifth successive year 
of surplus and, if the Gill and 
Duffus figure is correct, final 
stocks will amount to 682,000 
tonnes, the highest level since 
the 1965/66 season. 


LONDON base metal markets 
yesterday lost most, if not all, 
the gains made on Monday 
and Tuesday in reaction to 
the Falkland Islands crisis. 
The gold price was up, help- 
ing free Market platinum and 
sQwr. But base metal 
markets were more influenced 
by the recovery in the value 
of sterling and the belief that 
military conflict may be 
avoided after all. 

Higher-grade cash copper 
lost £13.75 to £835.75 a tonne, 
making it only marginally up 
on the week. Gash lead 
dropped by £13 to £323.5 a 
tonne. 'Worst hit, however, 
was zinc where the cash price 
tumbled by £20.25 to £403.5 
a tonne, following the 
announcement of farther pro- 
ducer price cuts. 

The French zinc producer, 
Royale Astorienne des Mines, 
announced in Paris that it 
was cutting its European 
quotation from $900 to $860 a 
tonne — In line with the reduc- 
tions already made by several 
European smelters and by EZ 
of Australia. Traders said the 
USE price was only held 
above £400 when sustained 
buying support came from 
one company, associated with 
producer interests. 


Alcan delays 
smelter 


expansion 

SYDNEY — Alcan Australia 
has deferred commissioning a 
third potltne at its Karri 
Karri aluminium smelter in 
New South Wales, managing 
director B. A. Aspinall said. 
The A$149m facility should 
have started production at the 
end of this year or early in 
1983, increasing the smelter’s 
rated capacity to 135,000 
tonnes from 90,000. 

Mr Aspinall said the mafa 
reasons for the decision were 
the lack of any positive signs 
of an International economic 
recovery and rising worldwide 
stocks. 

Mr Aspinall said construc- 
tion on the potline is well ad- 
vanced bat work will be 
slowed and the question of 
when it will be commissioned 
will he kept under constant 
review. 

Alcan Australia is 70 per 
eent owned by Alcan Ahunin- 
lmn Ltd. of Canada, with the 
remainder of the company 
owned by several local insti- 
tutions. 


FARMERS’ VIEWPOINT 


Counting cost of borrowing 


OVER THE year to last Feb- 
ruary the far ming industry debt 
to the banks has risen by 17 
per cent to £3, 738m. This has 
been immediately set upon as 
an indication of the dire 
straights into which faming is 
being driven by tow prices and 
increasing costs. This is a sub- 
tantial sum, bat when set 
against the total value of fann- 
ing assets, it is an indication of 
how undergeared the industry 
Is. 

Nor is it clear from the 
figures just how much of the 
increased sum is due to the 
need for working capital, and 
how much has been used for 
-land purchase. A farmer work- 
ing on a large overdraft does 
not have to tell the bank 
manager what be 4s using it for. 
In my experience these days, 
bank managers are only too 
happy to lend on security of 
assets of Increasing value such 
as land and to some extent 
farm valuations of stock and 
craps. As long as he keeps 
inside his limit, a farmer can 
do what he likes. 

In my younger days banks 
were very loath to lend for land 
purchase. They still operated 
on the old fashioned rule that 
bank overdrafts were repayable 
on demand. At that tune the 
only source of long term finance 
was the Agricultural Mortgage 
Corporation which would lend 
up to 60 years at a fixed rate 
of interest. The AMC is still 
operating but I can conceive of 
no circumstances where anyone 
would borrow on toe long term 
at today's fixed interest charge. 
The AMC does have a variable 
rate which alters every three 


months, and is roughly in line 
with what banks charge, but a 
bank overdraft is much more 
flexbile. 

In all respects British 
farmers are for the most part 
far better placed than those in 
Dcamark and Ireland. Their 
farmers celebrated EEC entry 
at the same time as ourselves, 
by plunging into debt in every 
direction. It is estimated ac 
least 20 per cent of all Danish 
farmers are insolvent and many 
are going busL A very large 
number of Irish fanners would 
be in the same boat without 
government assistance. 

The reason for this state of 
affairs was that for years the 
farmers of those countries had 
been enticed by hopes of 
greatfr increased prices on 
joining the EEC. They had 
until theu bft'n forced to exist 
on what were current world 
prices. Once safely, as they 
thought, within the shelter of 
the EEC, they embarked on a 
spree of investment in almost 
everything from land to 
machinery; prices rocketed as 
did interest rates. 

Now the situation is very 
different and the price of their 
main asset— the land — in both 
countries has collapsed drama- 
tically. 

British fanners were much 
more cautious in accepting the 
honeyed words of the pro- 
Marfceteers who were forecast- 
ing a long time bonanza once 
EEC prices ruled. They had 
had some 20 years of deficiency 
payments when guaranteed 
prices were grudgingly allowed 
after prolonged argument by 
successive governments. They 


never really believed that the 
reality would equate with the 
promises. 

In this they were un- 
doubtedly wise. There was to 
begin with a seven-year tran- 
sitional period before common 
prices finally were achieved, 
and in addition the vagaries of 
the Green Pound kept prices 
artificially lower than they 
should have been. 

There was a land boom which 
pushed values to levels higher 
than those ruling even for a 
comparable land in the rest of 
the Community. Although some 
farmers took part in this, the 
main thrust came from outside 
interests. City money, foreigners 
eager to invest in an almost 
certain hedge against inflation. 

This has pushed the price of 
land to levels at whiti- 'here is 
no hope of servicing the cost 
at present farm prices and 
interest rates. For the past two 
years land prices have remained 
more or less on a plateau for 
the best land while for the 
mediocre they have in many 
cases fallen sharply. This, of 
course, is tantamount to a fall 
in real terms. But they would 
have to fall a good deal further 
in money terms to be viable 
at present interest rates. 

But in spite of this overall 
caution, there are some fanners 
— a minority — in difficulties. 
There have been no bankrupt- 
cies. but there have been sales 
of farms for lease-back and 
others where the owner has 
been advised to sell the odd 
cottage or field to get out of 
trouble. A few have sold out 
completely, not relishing the 
prospect of being slaves to the 


interest burden. Banks, I under- 
stand. are prepared to add the 
interest charges to the loan 
when necessary. 

One source of problems to a 
minority were the grants for 
farm and horticultural develop- 
ments. These amounted to 33 
per cent of the cost of major 
improvements. What some 
farmers forgot was that the 
balance, if borrowed, would 
carry high interest charges and 
some of these have proved very 
difficult to service. I have met 
several farmers who regretted 
taking the grants for that 
reason. 

Xt is caution rather than 
pressure that is making farmers 
very hard bargainers with their 
suppliers. Machinery, fertili- 
sers and chemicals are only 
being sold with the help of 
massive discounts. There is a 
substantial trade in what are 
called parallel imports of all 
three, which is keeping prices 
as low as they arc. Every item 
of expenditure is now being 
closely monitored and among 
these arc the costs of capital 
improvements. 

The only area in which there 
is likely to be heavy borrowing 
would be the arable sector. Un- 
like dairying, for instance, 
where there is milk to be sold 
every day of the year, grain is 
only sold once, after harvest. 
Although the most profitable at 
the moment, cereal fanning, is 
very' vulnerable both to weather 
and political changes. If Britain 
were to opt out of the CAP, 
grain prices, already under 
attack, could well diminish still 
further. 

JOHN CHEBBXNQTON 


Cotton acreage declines 


WASHINGTON — Early signs 
continue to point to a decline 
in world cotton acreage in the 
1982-83 season from 82.7m acres 
planted in the current year, the 
International Cotton Advisory 
Committee (ICAC) said. 

The anticipated decline was 
largely due to the low level of 
cotton prices compared to last 
season. A sharp increase anti- 
cipated in carryover stocks, at a 
time when demand prospects do 
not appear very optimistic, 
would also tend to limit plant- 
ings. the group said in its 
monthly report 
ICAC, however, noted that the 
extent of the decline would be 
limited by lower prices for most 
alternative crops and by the 


lack of alternatives to cotton in 
certain nations. 

The report noted that the UJ5. 
Agriculture Department has 
adopted a 15 per cent acreage 
reduction programme for the 
1982 crop, and that cotton plant- 
ings in Mexico will also drop 
significantly. The report also 
noted that in some areas of 
central America, current politi- 
cal problems and shortages of 
finance could adversely affect 
next season’s plantings. 

Egyptian officials recently in- 
dicated that there would be a 
reduction in cotton acreage to 
allow for more soyabean plant- 
ings 

WorW cotton consumption in 
the current year now is 


estimated at 66.3m bales, down 
from 66.6m bales forecast last 
month, but unchanged from 
last year. Most of the decrease 
reflects lower cotton use in the 
UB. and India. UJL demand for 
cotton textiles remains weak, 
with many mills reducing pro- 
duction schedules. 

World cotton production in 
19S1-82 is still estimated at a 
record Tim bales, up 5.4m bales 
from last season, it said. 

With large production and 
sluggish demand, worid cotton 
Stocks at the end of 1981-82 
will reach 21.6m bales, up from 
17.1m bales at the end of 1980- 
1981 and the highest level in 
seven years, the report said. 
Reuter 


Selling hits 
rubber 


Bjr Our Commodities Staff 

NATURAL rubber prices i 
slipped 'back sharply yesterday 
as the influential buyer who had 
been boosting the market 
turned into a seller. 

Dealers attributed the 3.5p ‘ 
fall to 53p a kilo for RSS No. 1 
spot rubber on the London \ 
physical market to consistent ■ 
selling by Metallgeseilschaft, > 
which is believed to have : 
bought more than 12,000 tonnes j 
recently. 

It had been suggested that the « 
buying might be on behalf of | 
producer groups who wanted to 
boost the market But It now 
appears more likely that the 
company was buying on its own 
behalf for speculative purposes. : 


BRITISH COMMODITY MARKETS 

BASE METALS 


BASE METAL prices closed easier on 
th« .London Mots! Exchange as sterling 
advanced. Support buying kept the 
Tin' price st £7,377.5 as the " other 
metal* - declined, with Copper dosing 
a'r SMftLMd at £338. Ztno 'st £414. 
Aluminium at £S91 and Nickel tt 
£3.125. • . 


LEAD j 

a-itt. | 
Official 1 

+ or 

p.m. 

Unofficial 

+ or 


£ 

£ 

£ 

£ 


386.-5 , 

HL*t *23-4 

—IS 

3 months 

336.S-7.fi: 

+8.5 336-J5 . 

-1M 

Sattlemt 

326.5 

-ul 

...... 

U.S. spot 

_ _ t* • 


1 *27-5aj 



Nickel— Morning: Three months £3120, 
30^ 25. Afternoon: Three months £3120, 
15, 20. Turnover: 1,014 tonnse. 


“1.30 (high 64.80. low 62.90); Feb 
72.90. -1.30 thigh 74.00, low 72-90). 
Turnover; 342 (716) lots of 40 tonne*. 


SILVER 


GRAINS 


, a-m. 1+ oil p.m. + or 

COPPER (Official I - (Unofficial — 


HlghOrde 

Cash. J 

■ 3 mth» 
Artflemt 
Cathodes 
i>-h. ... 

3 months 
SetUemt 
ILftPrcdJ 


£ 


837.5-01 — 10 
865.8-6f-»Ji| 
858 


060.5- U -t-B.Bf 
833.5 -ID 


833.3-6 
863-. E 


8304 

856-9 


•74-8 


26 JSO; three months ’£340.00. 40 -SO, 
40.00, 38.00, 38.00. 3730. 37.00. Kerb: 
Three months £336 SO, 37.50, 38-00, 
38.50. 40.00. Turnover: 22,025 tonnes. 


f-H-7 

P-W 


. . ) -aum. ,+ ori pdri£ +or 
ZINC Official \ — (Unofflclal| — 


Silver WHS fixed 4.55p an ounce 
Maher. lor spot dehvery in the London 
market, st 425.3p. U.S- cent equiva- 
lents of the fixing levels Mere: spot 
7475c, up 9.9c; tiireB-momb 773.3c. 
up 8.3c: eix-amoath 798.6c, up 7.1c; end 
12- mo nth 850c, up 7.1c. The metal 
Opened ac 43043ap (755-790c) end 
closed at 419-422P (740-745c). 


After opening eligMy lower old 
prep barley recovered on short-covering 
end shipper buying white profit-takers 
end hedge-sellers sold scale up. New 
props were lightly traded but found 


r 11 

-10 


I f • 1 £ 1 £ | £ 

Cash ! 40B-JS5 -7.82 403-4 -«LS 

3 month* 413.54 -7 408.5-9.5 -10.2 

S’ merit... | 40&26 -7.75; — j — 

■Primw’tel — 1 ■ *57-8.75 


- Amalgamated MVtot .Trading re port da 
diet' In the morni ng h igher grade cash, 
copper traded *t £838.00; three months 
£867.00, -86.90. ' 00.88.fl5 6 TSHBJcTA 
£887.00, 66.50. 6B.O0. 25.50. 65.00. 65.50. 
CaitiodM: Three months £861.0 0. Ke rb: 
Higher grade three months £866.00, 
68.50. 66.00. Afternoon: Higher grade 
three months £865.00, 3450. 6S.CO. 
63.00 .62.90, 63.00, 63.50. Cathodes. 
Kerb: Higher grade three months 
£884.00, 64-50. Turnover 20.B0Q tonnes. 


. Znle— Morning: Cesh E409 j 00. 0850; 
three month* £416.00, 14dXL 13.00. 

14.00, 18.50. Kerb: Three months 
0*14-00, 13J0. 14.00, 1450. Afternoon: 
Three mtmtha £4«.00, .10.00, 09.00, 
08 -DO. 07.00. 06.00; 07.00, 07.50. 08.00 

09.00, 0850. 08.00. 08.00. OB.CO, 00-50, 
-06.00, 00-50. Kerb: Three months 
£408.00. 09.50. 1050, 11.00. 12.00. 

13.00, 135a 15.00. 14.50. Turnover. 


SILVER 

P«r 

troy oz. 

Bullion 

fixing 

price 

+ or 

L.M.E. 

p.m. 

Unoffic '1 

+ or 

Spot 

3 months, 
6 montha. 
12 months 

425Jl0p 
438. 10 p 
450.80 p 

476.80p 

*4.65 

+S.4B 

+2.70 

*-2.26 

426p 

43B.5p 

-3 

~S 


mm 

Mnth 

a 

Yestard'ys 

Cloea 

+or 

BARLEY 

Yeet'rd'ya) +or 
close j — 

May- 

117.60 

+ O.B 0 

11135 

- 0.40 

July. 

121.05 

+ 0 .B 8 


— 

Sept. 

107.60 

+ 0.16 

103.45 

+ Q .10 

Nov_. 

111.40 

+ 0.16 

107 E 5 

+U.lb 

Jan... 

118.35 

+ 0.16 

11 L 2 D 

+ 0.16 

Mar_ 

119 JX) 

+ 0 - 26 , 

114.65 

+OJO 


531.0, 5325. 532.0-530.0; March 536.5. 

536.0. 536.0-534.0: May 539.0. 539.7, 
540.0-538.0: July 547.0, 547J5. 548JJ- 
546.5: Oct 540.0, 543.0. untraded. Seles: 
549. 

LONDON NEW ZEALAND CROSS- 
BHHJS— Close (in order: buyer, seller, 
business] . New Zealand cants per kg. 
May 402. 415. n-H: Aug 420. 422. nil: 
Oct 415. 420. ml: Dec 415. 422. nd: 
Jan 415, 422. 416: Mar 43. 440. ml: 
May 439, 440. 434-433; Aug 4S0, 454, 
4S0: Oct 4S3. 460. rtH. Sales: 17. 


PRICE CHANGES 


In tonnes noises otherwise stated. 


AMERICAN MARKETS 

Tuesday’s closing prices 


SUGAR 



is&, 7 ! + " 

i i 

Month 

ago 

Metals 

Aluminium — ■ 
Free Mkt. | 

i | 

^810/615 

6985/1015 +5 

£8101816 

noBum 


LONDON DAILY PRICE-— Raw sugar 
£145.0 (seme) a tonne cJ AprH-May 
shipment. White sugar daily price 
£171.00 (£172.00). 


No. 4 Yesterday] Previous 


LME — Turnover 127 (144) lots of 
10.000 ozs. Morning: three months 

43.7.0, 38.0. 30.5. 39.0. 38.5. 38.0. ȣ. 
Kerb: three months 435.0. Afternoon: 
three months 433.0. 32.0. 32J5, 33.0, 
32.6, 38.0. 37.0. Kerb: three months 

40.0. 39.0. 37 j5, 38.0. 


■■a m. ;+« i p.m. + or 
TIN . Official i - jUn official — 


High Grade £ £ : * 

Cart. j 7110-80 —2* 

3 montfiq 7560-5 4-J '73904* 
SetMam’i 7120 i ' - 


Standard 

doh,-.,. 


SetUamt 
Straits E. 
NeWYortd 


ta 


Aiumlnm 

ajtu 

Official 

+ or 

p.m. 

Unofficial 

+ or 


£ 

£ 

£ 

£ 

Spot 

586-7 

-B. 

S67.5-S.fi 

— .b 

3 montha 

588.5-8 

— 1 

589.6-90 

— 1 


COCOA 


7108-15 


UJ 

lUB I 


7155-60 (+12A 


3 irmrifttf 73S540/+6 J 787080^103 


7115 1—6: 1- — 

S029.6O J — -08: - 


89.60 p-tW — 

Th>— Morni n g :" S W rrfird' cash ' EfinO- 
three months £7340, 35. 40. High 

grade, cash £7120: three months £7 968 . 
Karh: Standard three - mon ths 0 350- 
High grade three month . *£7366. 76. 
80. Afternoon: Standard . cash £7190; 
three months £7365. TO. 80. 8S-, 80, 
76. 77, 78. 80, 77. 80. High grade, 
cash, untraded three months £7335, 

7400. Kerb: Standard three months 

£7376. 78, 80, TO. Tumoevr 5.430 

tonnes. 


£585.00. 86,00, 86.50, 87.00. 88.00. 

89.00. 88 JSO. Kerb; Three montha 
£590.00. Afternoon: Three months 
£509.00, 88-50, 88.00. 88.50. 88.00. 88.50. 

90.00. Kerb: Three months £589.00, 

80.00. 89490. 90X0. 81 X». Turnover: 
10,335 tonnes. 


Renewed commission house and 
chvnist vetting depressed futures in 
riUn conditions for Prices to move limit 
down and trade at new nine month 
lows. Producers remained withdrawn 
end I me rest among consumers was 
also scarce bur jobber short-covering 
in- laie denting* trimmed the eaftiar 
losses, reports GW and Duffus. 


NICKEL 

a.m. ■ 
Official 

4- or 

pjfi. 

Unofficial 

for 

Spot 

3 montha 

3075-80 
3120-2 j 

-67.5 

hfifi 

3080-ft 

3120-30 

-29.5 

j-kfi 


COCOA 

Yea'rday** 

Close 

+ or 

Business 

Dona 

July 

Sept — — 

Dec 

March — — 

May 

July 

902-62 

961-63 

10004)2 

1035-86 

1069-70 

1100431 

1117-80 

1130-38 

-67 

-8B.B 

-18.C 

-iac 

-12.5 

-11.0 

964 

990-50 

101B-8B3 

1048-26 

1083-58 

111D-BO 

1125-12 

1128-27 


Business done— Wheat: Mey 117.60- 
T16.8S, July 121.05-120.30. Sept no 
trades, Nov 111. 35-11 .25. Jan 1.16.36- 
115.25. Mar no trades. Sales; 258 lots 
of 100 tonnes. Barley: May 111-56- 
110.85. Sept 103.40_pnty. Nov 107.25- 
107.10, Jen no trades. Mar 114.80 only. 
Sates: 158 lots ol 100 tonnes. 

HGCA— Locational ox-farm spot 
prices. Fend bertey: Eastern 110.00. 
E Mfds 107.80. N. East 10640. The 
UK Monetary CotSaoiant lor the week, 
beginning Monday April 12 is expected 
to ramem unchanged. 

LONDON GRAINS— Wheat: U.S. Dark 
Northern Spring No 1 14 per CBnt 
Aprif/Mey 16 117, Mey 116.25. Juno 
115.25 transhVmeot East Coast seUera. 
nglleh Seed fob April M8-25. May 120 
Eaat Const sellers. Maize: French fires 
h>H April 133.50 transhipment East 
Coaet seller. mfwyp3NK«n 

Coast saner. Barley: English Feed fob 
April 113, Sept 106-50 Eaat Coast 
setters. Hen urmuoted. 


Con- 

tract 


close 


Oka* 


BusJnee 

done 


Copper ! 

Cash h grade... £935.75 -12.78 £628.6 
3 mths ,.^..._£863JB5 —13 £856.75 
Cash Cathode.. £831 —11 £S27 

3 rnths i£a58.5 —10 l£853 

Bold troy oz ._.'S353 +3.5 S3 3 2.5 

Load Cash -E523.3 '-13 ^337-625 

3 mths. £335.25 — 11.5£34SJ7S 

Nickel _...£3fl28 I '£3824 

Free mkt ‘.M&278c-+3 l«»r29Qo 


£ per tonne 

May-...; 1S2J0-52.85. 153M-M.75’ 154.00-62JM 

-Aug ! 156.00-56. 10 l58.6O-66.fl0j157JM-S5J0 

OCt j 181 . 5041 . 60 , 1 B 1 JHI-S 130 

Jan 'T 84 . 2 M 4 . 5 U 183 JB- 84.60 


March 

May.....i 


17T.UMlJ661TOAOt-IO.95 
173.75-74.09' 1 75. 10-73.75 


Matln'mtr oz'y '£280 1 £260 

Freemht...... £164.75 +1.85 £177.85 

Quicksilvart ...8375/383 8390 MOfl 

Silver troy oz... 425.30? 

3 mths. 438.10s 

77n Cash >£7157.5 

3 mths. [£7378 


161.75-60.56 

— »< IIIUIB..,. I*, f 4J fO 

T7TJ5-TO.DO Tuna«ten»JMbl0 120.32 


,+4J>S397.75p 
+ 3.45 410.35p 


T74.U8.73JW 


1+12.5 £6850 
1 + 10,5X6945 
1 5130.00 


AUB M703 M9JDDI 17B.M-78.7 Si — 


Setae: 3.234 (3.523) lots ol 60 tonnes. 

Tbib and Lyta delivery price for 
granulated basis whits sugar wee 
£374.00 (same) a tonne lob for home 
trade end £254.50 (same) for export. 

International Sugar Agreement (U.S. 
cents per pound) fob end stowed 
Caribbean ports. Prices for April 6: 
Daily price 10.31 (10.42); 15-day 

average 10.85 (10.90). 


Wolf rm SS.4HU»j3 10SMU8 

Zinc Cash- 11403.5 

3 mths (£409 

Producers.... 


' '5115)120 

[—20-525 £445 
(-19J5X44B 
*860(9001 18900 


l56S5y 

|s512-5x 


*340y 

S27SL2S 


RUBBER 


* cents per pound, t MS per fcHo. 
f On previous unoflloiol close. 


GOU) 


' ' “ ' nc' -rtfE LOHDON FUTURES MARKET 1H GOtD. 

HE LAUNCHING -W ™ L oF THE BANKER. 

riu: BE COVERED IN^THE IMPORTANT NEW- MARKET 

INSTITUTIONS COMMITTED m SKILLS IN 

risking to «> veRTt ® x . thE marketing director, 

t s ™ eet ’ LoMooH EC4 - 


PUBLIC NOTICES 


■ commission - 

PROPOSED acquisition OF 

HUNTLEY A NO PALMES POODS PU 
BY ROWNTME MACKINTOSH PLC 
PROPOSED ACQUISITION BY 
HUNTLEY AND PALMER M.C 
BY NABISCO BRANDS: INC. 


On March 18th 1982 .. Mr John BMw, 
Secretary of Stare ft» Tree*, referred 
to the Monoooilet and Mergers Com- 
mission for InmUsatfou and revert 
under the ptwritan 0 * the Fah* Trsdine 
Act 1973 the nroiuwa acnufsitton of 
HutillcY and Palmer -Foods Pfc by 
R ow ntra e Meckunoah PU, aed on 
Merab is- 1982- he auo referred the 
iwftMMd unulalttoB of 'Huattev and 
miner Foods Me by NMlseo Brands 
Inc. The Commission ,#re rwnrtred 
to report on each of these wHMs ,a 
po-ted of she months ftom me date 
of 'the references. 

Any person or aroanlMtJbn 
to pbe Information or » lw on e«hor 
of these eroeocMl ac raU gttow eboeW. 
writ* as soon as possible w 

Secretary. . _ ' 

Monopolies aariMerlwn Commission. 
New Coor*. 


London WC2A *JT 


PERSONAL 


WLOVWG 

MEMORY 


Floral tributes fade. Yotir. regard for 
a departed friend lives on -if ygg 
make a donation in their name to 
Help the Aged's wo rit— towards a 
Day Centre for the lonely, medical 
treatment or rwearch for the old. 
or help for the housebound. Every 
£ achieves e great deal for tha old. 
Please let us know the name you 

wish to commemorate. 

Sand to: ~ ~ 

TM Hon. .Treasurer. 

The Rb Hon. Lord Maybrey«Wng 

, Help the Aged ' 

Room FTiNM. 32 Dow Strait 
London Wf A 2AP ; 


Sates: 4J85 fl.535) tots of 100 
tonnes. 

ICCO— Oatiy price lob April 8: 78.70 
(79-92). Indicator price for Aar* 7: 
73.54 (78.671. 

COFFEE 


The London physical market opened 
slightly easier, unnoted tittle Interest 
through the day and closed on en 
easier now. lewis end Peat recorded 
a May fob price for No. 1 RSS in Kuiria 
Lumpur o( 206.5 (308.0) cents a kg end 
SMR 20 180.0 (182LO>. 


Olle 

Coconut (Phil) |852Cy 

Groundnut ‘ ' ' 

Unseed Crude! 

Palm Malayan 
Boftrfu 

Copra Ph lip ...I 

MEAT/VEGETABLES 

hindquarters 33,0 to 102 . 0 , forequartera 

62.0 to 65.0. Veal: Dutch hinds and 
ends 123.0 ra 128.0. Lamb: English 
emeu 85.0 to 95.0, medium 88.0 to 
94.0. heavy 84.0 to 90.0: Scotch heavy 

84.0 to 88.5; Imported — New Zealand 

PL 6S.0 to 67.0, PM 6.0 to 67.0, Yla _ _ 

64.0 to 65.0. Park: English, under Cotton AJndoxj71.1Bc 
ICO lb 44.0 to 53.0, 100-120 Ms 46.0 W 


Wheat FubJulykiai.DS 
No-EHardWlnt| ; 


^9 


; 8475 

■ *11 


IS607.5 


+ 5 16330 


.6255 


,+O.IU £110.65 

£131.5 

+ O.Baill&.lB 
: i£ 11 7.75 


Other 

commodities 
Cocoart I pY* £973 
Future MaySeS 


Coffee Ft* July 


£1186.5 


After opening unchanged dealer buy- 
ing took differentlata to a wider pre- 
mium, reports Deem* Bunmem Lambert. 
A aicniiM- pstiBRi dsvioped during « 
steady afternoon si though the advance 
in near positions was restricted by 
overiiead trade resistance. 


^ COFFEE 

Tnuroty ■ 

Close 


Business 

Dona 

£ per twins 

1 . 


1258-59 , 


126837 

July — 

1186-87 

+ 5.0 

1197-76 


1150-51 

-UJ 

1154-48 

Nov— - 

1135-38 

—2.0 

114035 


113032 

-1.5 

1130 


112535 

+55 


Mery 

111538 

+ 1 Ji 

- 



Salsa: 3,326 (Z&7B) 4ms of 5 tonnes. 
ICO IntiVaftor pries* fur April B: 
(U.S. cents par pound); Comp, deify 
1279 12S.75 (128.00); 1&day avorace 
123.® <123®). 


Sales: 542 (363) Iota of 15 tonnes. 
6 i ml) lota of 5 tonnes. 

Physical doling prices fbuye/s) 
were Spot 53DCp (&3.Wp): May 5l.76p 
(S3-25p): June 52J5o (54.75ol 

SOYABEAN MEAL 

The irraihet opened £2.00 ' lower on 
stronger sterling and lack of foi low- 
through buying, reports T. G. Roddick. 
Prices eased further on trade selling. 


GAS OIL FUTURES 


fYesUrdyal+ orj Bud mm 

ciota Done 


The merk*t opened stranger' agiinsx 
New York, but eased beck on' The 
wester physical mart*. Pricas 
staarited during the sfrornoort on fur- 
ther poUticd. ram a lira, repora Premier 


{ f Mm, ‘ _ . 


Month 

Yaet day's 
close 

+ or 

Business 

Done 

April 

May 

June- - 

July— — 

August — 

sept- — 

OoL — ... 

Kov^. 

Dec 

2 0.8* 
per tonne 

274.00 

273.00 
273JS5 
274.50 

276.00 

260.00 
282.30 
285^0 
29 LOO 

+0-76 
flJHI 
rtjfi 
l+IJfi 
+1.H 
+ZJM 
+0JS 
+1 -M 
+8JU 

277J0-71.0 

87B.0M8 M 

t7fiJML68.D0 

I7fi.QftSfi.ttfl 

(77.80-71,00 

DULM-74JW 

Turnover: 3^57 (4^26) Iota ol 100 
ttwma*.- 

POTATOES 

LONDON POTATO FUTURES— Some 
buWeh Press news overnight took 
, AorH to tire high before it eased. Fur- 
ther pressure depressed mw crop 
positions, reports Cole/ end Harper. 
Closing prices: Aprif 123.0ft - 0.20 
(Mgh 13UB. low 122-30): Nov 62 ^ 0 . 


April— 

June. 

August..- 
October-... 
Dee,»~ 

Feb -| 

Agril 


£ 

per tonne] 

14GJB848 A,+- lJQj 14BJ10 
TiSJHU6^;-2.4^ WJWLM 
TJ6J«Wfi.4.-22a 138L7H-3B.fHl 
157.44-57^.-1^0: n8JHU7J8 
UMMW.-4J0, 140 JM 40.00 
HIJHUJI — 0JV. — 

MMtt-44.ll— 1JB — 


Safest 261 (402) feta of 10 tonnes. 

COTTON 

LIVERPOOL — Spot and shipment sales 
amounted to 125 tonnes. A slight 
improvement i«v . demand wu 

LIVERPOOL — Spet and shipment 
eeles amounted » 125. tonnes. A 
slight improvement in demand was 
encountered, and the overall purchasing 
evident attracted some attention. Busi- 
neis mainly developed In African and 
Middle Eastern growths, el though 
North American styles ware net 
neglected. 

WOOL FUTURES 

SYDNEY SREASY WOOL— Close (In 
order: buyer, seller, business). -Auatrar 
lien cents p«r kg. May 551J5, 552.0. 
6S2 Jk 647.D July 554.0, S54.a 556.0- 
548.7; Oct 630.0, 531 A 530.-628 JJ; Dec 


55.0. 120-160 lb 41.0 to 52.5. 

MEAT COMMISSION — Avoraj* Fat- 
siock prices at representative markets. 
GB — Cattle 1C2J7p per kg fw (-0J27): 
UK— Sheep 224. 38p per kg est dew 
( + 1.84); G»— Pig* 7S.00p per kg hw 
(-1-99). 

COVENT GARDEN— Prices for the 
bulk ol produce, in starting per 
package except where otherwise stated. 
Imported produce: Oranges— Span la: 
15-kg Novels 42/130 4.60-5.50: Cyprus: 
15-kg Valencia Vatsa 3.60-4.50: Jaffa: 
20-kg Shamouti 50 5.50. 60 5.70. 75 
6.60. 88 5.60. 105 5.45, 123 5.20. 144 
6.20. 168 5.15: Moroccan: 16-kg Velpn- 
cle tales 48/113 3.B0-6.00. Mandanrek- 
Span re; 4.CO-4.50. Tengors — Jaffa; 20-kg 
70/80 7.00. Tope*— Jaffa: 60’s 5.80. 
Lemons— Cyprus: 10-kg 2.60-3.20: 

Spams : irayB 5-kg 40/50 1 AO-1 .80; 
Jeff a: 15-kg ItB 4.80: U.S.: 17-kg 6.00: 
OutSpan: lat.kg 80/120 4.50-5.00. 
Grepafrurt — U.S.: 1B/17-kg Texas Ruby 
6.03-7.00. Honda Ruby • 7.5O41S0; 
Cyprus: Large canons 20-kg 3.20-4.00. 
email ceflone 16-kg 2J3O6.20; Jefla: 
20- kq 27 4.35. 32 4.55. 38 4.55. 40 4.75, 
46 4.35. 56 5.60, 64 4.20, 75 4.00, 
88 3.75. Ugli Fruit— Jamaican: 14/56 
7.00-10.00- Ortaniquw— Jamaican; 48/ 
126 7 JO-8. 50. Apples— French: Golden 
Dblisious 9-kg 3.40-430. 18-kg 5.00* 
8.20: New Zealand: 16-kg Cox's Orange 
Pippins 12^0*13.50. Golden Delicious 
930: U.S.; 18-kg Red .Delicious 9.00- 
13.50: S. African: IS- kg Dunn's 7.00* 
8.00, Golden Delicious 10.00*11.00 
Starting 11. KM 2.00; Chilean: 18-kg 
Granny Smith 11. 00-1 2. 00: Canadian: 
18-kg Red Delicious 8.90*12.00. Peat*— 
Chilean: 40-lb Packham'e Triumph 

11.50- 12.00: S- Alricen: 15-kg Packham'a 

5. 50- 9 .50, Ccrniw trays 3Vkg 3.00- 
3.30; Australian: 28-lb Wllllema Bon 
Chretien 7.50*8.00: Italian: Per pound 
PesMcranaanc 0.16-0-19: Dutch: Con- 
ference 12-kg 6.50-8-80. Grapes — S. 
African: 5-1 g Dan Ben Hennah g.20, 
Alohonsc 5.20, Waltham Cross 5.50, 
Purlin ka 5.40. Saibe E. 30-5.40, Now 
Cross 5.50. Golden Hill 5.8ft Sultana 
750: Chilean: 5-kg Thompson' 0.30-6^0. 
Strawtmrriea — Spanish: 8 -or 0.70-1 .00; 
Israeli: 0.80-1-00; Kenyan: 8-oz i J3o- 
1-20. Melons— Colombian: 10-kg Green 
4.80-0.00; S. Alricen; Khite. 4.50-6.50; 
Chilean; 15-kg Green 9.00-1000: 
Brazilian; 10-kg Yellow 7.6D-10.00: 
Guatemala: 10-kg White 4.508.00: 
Colombian: 10-kg Yellow 5-00-6.50. 


Gas Oil May ...J 
Rubber (kliei... 


Sugar (Raw)-.. -Uti46y 


Woolt'ps B4a kl. 


<8878 


-32 £1203 
.— S2.&E1 166.5 
+ 5 £1346.5 

+ 0.05! 70.06c 
+ 1 |S2<V9.5 

\-Z3 W9.5p 
l£149 


093 p kjloi |3Sttpkik> 


* Unquoted. x Mey. y Aprll-May. 
u May-June. t Per 76 lb flask. • Ghana 
cocoa, o Nominal. 5 Seller. 


NEW YORK, April 8 
Rumours ol further actions by the 
Soviets against Afghanistan and 
allegedly against Pakistan triggered 
short-covering and stop-loss buying 
taking precious metals sharply higher. 
Copper sold off on trade end arbitrage 
selling. Arbitrage selling In c off so plus 
re-opening of Brazilian export regis- 
tration put heavy pleasure on tho 
market. Producer selling put co«a on 
the defensive from which it never 
recovered, reported Heinold. 

tl Cocoa — May 1632 (1650), July 
1658 (1681). Sept 1705. Dec 1770, 
March 1825. May 1870, July 1903. 

Coffoe — "C" Contract: May 133.30- 
123.50 (135.40), July 125.1G-12S.25 
(126.77). Sept 122.00-122 JO, Doc 118.81- 
119.25. March 117.17. May 114.50-115.00, 
July 111.00-115.0ft Sopt 111.00-115.00. 
Sales: 1.000. 

Copper — April 65.60 (67.25). May 
C6J5-6G.55 (68.05). June 67.3ft July 
68.10-68.40, Sept 70.90. Dec 73.15. Jan 
73.30. March 75.15. May 76.80, July 
78.45. Sept 80.10. Dec 82.80. Jan 83,40. 

Cottoiv--No. 2: May G5.BO-65-82 
(60.38). July 67.85-67.90 (88.45). Oct 
70.7ft Dec 71.90-71.95. March 73.85- 
73.7ft May 74.7D-75.0ft July 75.60-76.00. 
Sales: 3.200. 

•Gold— April 361.0 (346.7). May 
363.4 1349.7), June 368.5-368.0, Aug 
375.5-378.0, On 332.5, Doc 333 -5-334.0. 
Feb 401.8 April 40S9. June 4209. Aug 
430.2. On 439.9. Dec 449.6. Feb 459.3. 

Orange Juice— May 117.30 (11895). 
July 120.00-120.10 (121.75). Sect 122.20. 
Nov 123.95-124.00, Jan 125.35-125.70. 
March 127.05-127.50. May 128.25-128.75, 
Julv 1 29. R5-1 30-25, Sept 130.B5-131.85. 
Sens: 1,000. 

■Platinum — April 350.1 (340.1), July 
Mfl.n-359.0 (347.0), Oct 385.5. Jan 

379.0. Anril 39S.4. Sales; 2.341. 
Putstoes (round whites)— Nov 70.7 

177.01. March 87.5 (88.7). Apri) 

97.1-97.5. Sales: 57. 

tSihrer— April 763.0 (746.0). May 

763.0- 769.0 (753.0). June 778.5. July 

784.0- 788.0. Sopt 807.0-810.0. Deo 
83d.0-838.ft Jen 843.8, March 862.6. 
May 881.6. Julv 900.6, Sept 919.6. Dee 

545.1. Jan 957.6. Ha ndy and Herman 
bullion spot: 752J50 (728.00). 

Sugar— No 11: May 10.53-10.55 


(10.65), July 10.76-10.77 (10.88). Sept 
11.04-11.07, Oct U-25-11.29. Jan 11.5ft 
March 12.08. May 12.29-12.30. July 
12.47-12.48. Sales: 8.78ft 
Tin — 582.00-585,00 (580.00-585.00). 

CHICAGO. Apr.) S. 
Lard— Chicago loooso 20.25 (20.50). 
Chicago Imm Gold — June 367.5-387.0 
(352.5), Sept 381.5-381.0 (364.7). Dec 

334.5, Match 406.2. Juno 418.8. Sept 

416.5. 

Live Cottle— April 71.00-71.10 (70.15). 
June 67.50-67.60 (87.45). Aug 63.60- 
63.80. Oct 62.35_B2.25. Dec 62.90-62-95. 
Feb 62.95. April 63.05. 

Live Hogs— April 51.75-51.80 (52.27). 
June 56.30-56.20 (56.87). July 57.05- 
57.12, Aug 56.12-56.C7. Oct 54.40-54JD5. 
Dec 54.80-64.90. Feb 53.00, June 51.15. 

«Malzn— May 231-2801, (279V). July 
291-291'. (290), Sept 295, Dec 3XK,- 
299V March 313-3121,. Mey 3201,-321. 

Pork Bellies— May 78.20-78.40 (79.22). 
July 78.15-77.90 (78.65), Aug 74.75- 

75.00. Fob 72.00-71.80, March 72-45, 
May 73.45, July 73.10. 

tSoyabnens— May 6E8-859 (660), July 
E68-668H (6714). Aug 672, Sept 671*1. 
Nov 675*2-674*]. Jan 688H, March 703*]. 
May 714*i. 

ilSoyabowi Meal— May 190.7-191.0 
(192.9), July 193 5-93.8 (195.8), Aug 

195.0. Sept 196.5. Oct 196.8, Dec 

199.0. 199.3. Jan 201.0-201.5. March 
205 .0-208.0. 

Soyabean Oil — May 19.88-19.90 
(19 66). July 20.43-20.45 (20.19). Aug 
20.65. Sept 20.90, Oct 20.95. Dec 21.25. 
Jen 21.40. Meicta 31.65-21.76. 

tWheet— May 370**-370*4 (372). July 
378V3781, (380V). Sopt 391. Dec 

410-4091,. March 424V424V 

WINNIPEG. Apri! 6. 
SSarley— May 124.40 (123.90), July 
124.50 (124.30). Oct 125.90. Dec 128.00. 
March 126^0. 

5Whoat— SCWRS 13.5 per cent pro- 
tein content cif St Lawrence 224.19 
(223.74). 

All cents per pound ex-we rehouse 
unless otherwise stated. *S per tray 
ounce. 9 Cents per trey ounce. 
it Cents per 56-Ib bushel, t Cents 
per 60-lb bushel. { S per short ton 
I^.OOO lb). § SCan. per metric ton. * 
§5 S per 1,000 eq ft. $ Cents per 
dozen, tt $ per metric ton. 


Phtmpplee— Iveny Coast: Each 0.35- 
1-00- Bananas— Colombian: 40-lb boxes 
8-80-9-2). Avocados— Israeli: 3.00-3.80; 
U.S.: 6.00: S. African: 3.20-3.60. 

Mengoe e Kenyan; 8/18 4.00-5.00: 

Venezuelan: ROftS.OO. Tomatoes— 

Canary: 6- kg 4.00-5.80; Dutch: 6- kg 'A' 
7.20: ‘C B.SOffi Moroccan: 6-kg 5.00. 
Onions— Spanish: 25-kg Grano 3/5 4.00- 
5.00; Chilean: 3/5 5.50-6.00. Capsicums 
— Canary; 6-kg Groan 5.00-5.50: Dutch: 
5-kg Green 6.00: Red 11 00-11.50, 
Yellow T5.C0: Israeli: 6-fecr Red 5 80. 
Spring eabfcpje— French; 27/?P.(b 4.50- 
5.50. Savov 37/28-lb 4.40. Cabbage— 
Dutch: White 5.00, Red 3.40-3.60. 
Calabrese— Italian: tl-fb 3.50-4.00; 

Jersey: 16-lb 7.50. Caullflowrers — 
French; 8,50-9.00. Carrots— U. 5.: * 48 
x 1-lb. per lb 0.20; Dutch: 22-lb 2.80. 
pre-packed 3,80-3.701 Cyprus: 10-kg 
2.80: Belgian: 22-lb 1-50. Cucumbers— 
Canary: 12**-kg ware/m ids 4.00. 26-kg 
w&ra/mlde 8.00: Cyprus: 12^-kq bases 
4.80-5.00, 20-ka 6.40-6.50: Egyatien: 
Winter crop 20-kg 5.20-5.30. spring 
crap 20-kg 5.50*5.70; Jersey: per Ip 
were 0.65-0. TO. mWs 0.80. Aubergines 
— Cenervt 6-kq 4.00: Israeir: 6*kq 4.50: 
Dutch: 5-kg 7.60; Brazilian: 5-ka 6.00. 
Asparagus— (J.3.: Per lb 1.40-1.50, 
FenncV— Italian; 13/20-lb A. 00-4.50; 
French: 11-lh 3.60. Celery — Spanish; 
fl.no-7.00. Courgettes — Kenyan: 5-lb 

4.50- 5 to: I (alien: 11-lb 5.80-6.00, 

Artichokes — Egyptian: 24's 5.50; 

Snanbh: » 74 4.50. 

English Produce: Potato**— Per 55-lb, 
Whin 3.50-4.00. Red 3.60-4.00. Kinq 
Edwards 360-4-30, Nhnhropme— P m 
pound, open 0.50-0.60. dmed 0 . 60 - 
0.E0. Apples — per pound, Bramley OJO* 
0.30. Cox'a 0JS-ft38. Idared 0-164>.Z2. 
Paars — Per pound. Conference 0.15- 
0.26. Cebbege*— Per 30-lb beg, Celtic/ 
Jan King 2.50-3.50. Savoys— Per 30* lb 

2.50- 3.00. Le ttu ce P er 19. round 1.20. 
1.50. Onions— Per 55-lb 40 / 80 mm, 1 . 60 - 
3-00. Carrots— Par 26/28- Ih. 1J20-2.30. 
Beetroots— Par 28-lb, round 1-00-1 JO. 
long 1-20. S we d e* — Per net, 0.90- T .20. 
Rhubarb - P e r pound, outdoor 0.06, 


EUROPEAN MARKETS 


PARIS, April 7. 

Cocoa— (FFr per 100 kilos): May 
1072.53/1UW, Jiriy 1115 asked, S«« 
1146/116S, Dec 1190/1200, Mar 1238/ 
1240. May 1249/1 270. July 1235 asked. 
Seles at cad: 2. 

Sugar — (FFr acr torn*): May 1845/ 
1857. Jiffy 1845/1850, Aug 1850/18S2. 
Ort 1847/1644, Nnv 1847/1850. D« 
:F^/18S2, Mur 1920/1330. May 1967/ 
1375. Sates o4 ooli: 15. 

ROTTERDAM. April 7. 
Wheat— (U.S. S per tonne): U.S 
No. 2 Drrk HBrd Winter, 13.5 per cent. 
April 205. May 202. June 199. U.S. 
No. 3 Amber Durum April/Moy 180. 
May 180. June 180, July 181. Aug 163. 
U.S. No. 2 Northern Spring. 14 par 
cent April 190. May 187, June 184.50, 


July 184.50. Aug 184.50. Canadian 
Western Rad Spring April/May 10 201, 
Maize — (U.S. $ per tonne); U.S. 
No. 3 Yellow afloat 134, April 133.75. 
May 132.50, June 133. July/Sepr 133.50. 
Oct /Dec 135.60. Jan/March 144 seller*. 

Soyabeans — U.S. S par tonne): U.S. 
No. 2 Yellow Gulf ports April 268.25, 
May 285.50. June 268.70. July 268.10; 
Aug 289.30. Sopt 269.20, Oct 265.70. 
Nov 265.70, Dec 2S9.9Q, Jen 275, Feb 
279.10, Match 282.75 sellers. Argentina 
June and July 267.20 sollors. 

Soyamnol— U.S. S per tonne): 44 per 
cent protein, afloat 341 traded; afloat 
240 to 251. April 230. Mav 229. April/ 
Sept 230. Nov/March 242 saltern . Brazil 
Pdkns afloat 246.50. April 242.50. May 
340. May/Sept M4 sellers. * 


INDICES 

FINANCIAL TIMES 


DOW JONES 


April 6 lAprll 5 [Month ngojVoar ago 


245.82 246.51 ! 243.14 | 362.52 


Dow I April 
Jones j 6 

April 

Month 

ago 

Year 

age 

Spot 1126.99 
Futris 1131.73 

126.06 

131.66 

1 23 J82 414,64 
128.99429.83 


(Beeee Mr 1. 1*3-100). 


(Base: Dee 31 1974-100) 


MOODY'S 

April” 6 April's ;Montti agoiYaar aoo 

990.7 ! 995.6 904.3 “j H24.9 


REUTERS 


April 7 April 6 | M'rttti agoJYeersgo 


(DeeeraMr W. U»t-M0> 


1608.31 1614.4 ! 1583.5 ! 1699,1 


(Bases S ep t e m be r tft 1931 - 100 ) 


0.10. Leelus— Per 10-tb 1^0-1 .40, 

Parsnips — Per26/28-lb 1.00-1,40. Tur- 
nips— Per 26/26-lb 1.00-1.40. Cucum- 
ber*— Per package 2.40-4.00. Greens— 
Per 30-lb Kent 3.00-3.50. To ma toes— 
Per pound D/E 0.53*0.80. Cauliflowers 
-Per 16/24 Kent 4.00*4.80. 

GRIMSBY FISH — Supply good. 


demand good. Prices at ship's side 
(unprocessed) per stone: Shelf cod 
C4.00-iS.00. codlings E3.00-C4.00: largo 
haddock £7.00. medium £4.RQ-C5.80. 
■mall £1.60*£2j0: medium pJ trice £3.20- 
£3.90. best small C.B0-E4.20: large 
lemon sob £8 AO, medium £7J0s 
rockfloh £1. 60-12. 10: saithe £1J0-£Z20 4 







Companies and Markets 


LONDON STOCK EXCHANGE 


Financial Times Thursday April S -19S2 

RECENT ISSUES 

EQUITIES 


Hopeful view of Falkland dispute prompts broad rally 
Gilts up U and Share Index 8.3 higher at 561.3 



Account Dealing Dates 
Option 

•First Deelara- Last Account 
Dealings tions Dealings Day 
Mar 29 Apr IS Apr 16 Apr 26 
Aprl9 Apr 28 Apr 29 May 10 
Apr 3Q May 13 May 14 May 24 

* " Now thna " dealings may take 
place from 9 JO am two business days 
earl for. 

Hopes that the Falkland crisis 
may be resolved through diplo- 
matic channels encouraged a 
rally In the two main investment 
sectors of London stock markets 
yesterday. 

Calmer conditions prevailed 
following the previous two-day 
relapse, with sentiment boosted 
further in the late dealings 
following reports that Argentina 
might consider a withdrawal of 
its troops from the Falklands as 
part of an overall negotiated 
settlement. 

Yesterday’s recovery in sterl- 
ing and an accompanying easing 
in short-term money rates 
encouraged initial support for 
Gilt-edged securities and quota- 
tions were soon showing gains 
i of 1J and sometimes more at the 
long end of the market Prices 
subsequently reacted on lack of 
sustained support before fresh 
buying interest saw quotations 
going better again in the late 
afternoon. Closing gains ranged 
to 11, but the improvement con- 
tinued In the after-hours' busi- 
ness when quotations were 
marked up J further following 
the more favourable reports on 
the Falkland situation. 

Jobbers opened leading shares 
higher reflecting the overnight 
change in sentiment, but buyers 


showed a marked reluctance to 
chase prices higher. Initial gams 
were thus reduced although the 
tone held steady to firm through- 
out and share prices also Im- 
proved late. _ . . 

The FT 30 -share index 
mirrored the day’s moods with 
a rise of 75 at 10.00 am being 
reduced to 4.5 at noon; the gain 
at 3.00 pm was 5.6 and the index 
was finally S5 up at the days 
best of 581.3. . 

Several large bnes of stocfc 
including such as GEC ana 
Bowater, were placed through 
the market with ease and illu- 
strated the marked tumround in 
the underlying tone. Many 
secondary Issues caught up with 
Tuesday’s late rally in Jbe 
leaders, while a fairly lengthy 
list of company trading state- 
ments generated interest. 
Overall, trading conditions were 
rather quiet with dealers 
attempting to keep level book 
positions ahead of the Easter 
recess. 

Lloyds Bank better 

Hopes that a diplomatic solu- 
tion might he reached in the 
Falkland Islands crisis prompted 
a smart rally in Uoyds Bank 
which have been nervously sold 
of late on fears that the group's 
Argentinian assets might be 
sequestrated: the shares closed 
14 higher at the day’s best of 
432p. Other major dearers also 
picked up with Barclays and 
NatWesf. both closing 8 dearer at 
44Sp and 420p respectively. 
Midland hardened a couple of 
pence to 320p. Discount Houses 


IIVESTME1T 

TRUSTS 

F.I- ACTUARIES INDEX 


FINANCIAL TIMES STOCK INDICES 


April i April April J April April 
7 6(5 2 I 


Mar. year 
31 ago 


Government Secs ....! 

Fixed Interest | 

Industrial Ord 

Gold Mines, 

Ord. Dlv. Yield j 

Earnings, YJd.£(fuH)j 

P/E Ratio inett (•> | 

Total bargains i 

Equity turnover £m.j 
Equity bargains I 


67.11| 66.53 
47, 67.53 
1.3 1553.0 
1A 


67.651 69.34 
60.67. 60.74 


1,1.17} 10.98) 
11.031 11.11. XXJR7f| 11.46 
8,111) 29.258: 24,282) 25,018 : 

— j 206.851 135.19 170.62 

- ! 86,10a 2 1.195 1 B5,Q5Bl I 


10 am 560.8. 11 am 557. B. Noon 557.S. 1 pm 958.1. 

2 pm 558.9. 3 pm 558.6. 

Basis 100 Govt. Secs. 16/10/26. Fixed Inc. 1928. Industrial Ord. 
1/7/33. Gold Mines 12/9/56. SE Activity 1974. 

Latest Index 01-248 8028. 

•Nil = 10.10. 
t Correction. 

HIGHS AND LOWS S.E. ACTIVITY 


; High • Low 

Govt. Sacs...] 6 Q 55 ! Qi.gg 
j (25/31 (Bill 
Fixed lnt~...i 69.74 62.70 

I 18/4/ (7/H 

Ind.Ord. j 579.8 616.1 

I 189/1) (6/1) 

Gold Mines..: 302.0 209.2 

1 (5(1) (8/5) 


Since Compllat'n 

I High • Low j_ 

—Daily 

! 127.4 . 49.18 
| (9/1/56) (5/1/76) 

I 150/4 50.53 j Bargains!" 

|(26/I1|47) (5/1/761 'Value 

1 597 3 I 49 4 Avrge. 

(aD/Irtn (26/6/4*0) i Gi E^“||ns 
| 558.9 ! 43/5 | Equities ...!!! 
i(82/9/60> (28/10/71); Bargains... 

I Value 


April April 
6 5 


169.7 137.3 
418.1 273.8 


189.li 181.1 


164.81 149.9 
347.61 318.6 


1 A WT J J A S 

j 1981 

improved along with gilts; 
Cater Allen retrieved 10 at 3l5p, 
Gerrard and National rallied S 
to 253p and Alexanders hardened 
5 to 210p as did Gillett Bros, to 
130p. 

Sun Alliance reflected acute 
disappointment with the modest 

2 per cent increase in annual 
earnings due to nearly-doubled 
underwriting losses, the shares 
dropping to T94p before finishing 

11 down on balance at 815p. 
Preliminary results from 
Phoenix also fell well short of 
expectations and the close was 
234p, down 8. Stewart Wright- 
son, however, jumped 20 to 220p 

. in response to the better-than- 
expeeted yearly figures. Acquisi- 
tion details left the recently 
firm Willis Faber up 5 more at 
460p. 

Particularly dull recently on 
fears of higher interest rates, 
leading Buildings staged a useful 
rally and closed at the day's 
best Bine Circle finishing 12 up 
at 45&p and BPB Industries 8 to 
the good at 412p. BMC put on 5 
to 222p; Touche Remnant placed 
300,000 shares with various 
institutions at around 216p per 
share. Elsewhere, Bnberold 
gained 9 to 126p, after 129p. in 
response to the good preliminary 
results, while Benford Concrete 
Machinery added 3 to 65p on 
higher annual profits. Second 
thoughts about the preliminary 
results promoted a good 
recovery in Higgs and Bill, 
which .put on 6 to 154 -d. Burnett 
and Hallamshire rallied 30 to 
675p. 

1CZ opened higher hut drifted 
hack to 316p before late support 
left the close a net 4 dearer at 
320p. 

Austin Reed advance 

A generally lacklustre session 
in Stores was enlivened by 
excellent preliminary results 
from Austin Reed which jumped 

12 to 90p, with the more market- 
able "A" shares 8 up at 81p; 
sentiment was also helped by 
revived takeover speculation. 
Others with tailoring interests 
made progress in sympathy, 
notably Barton, 6 up at 17Sp. 
Aquascutum, annual results ex- 
pected next Wednesday, added a 
penny to 33p. The leaders 
attracted good levels of enquiry 


but actual business left much to 
be desired and most finished a 
shade below the best 

Among Shoes, Ward White 
added a couple of pence to 63p, 
after 64p, following the prelimi- 
nary results. 

Technical influences brought 
firmer conditions to the En- 
gineering sector. GKN, 157p, 
Hawker, 306p, and Tabes, 132p, 
all hardened a couple of pence, 
while John Brown edged forward 
a penny to 50Jp. after 57p. 
Elsewhere, Bronx featured with 
a rise of 3 to 21p. Expanded 
Metal hardened a penny to 67 p 
on the results. 

Tuesday’s late rally in the 
Electrical majors was taken a 
useful stage further yesterday 
but best levels were not always 
held. Racal put on 7 to 380p. 
after 382p, and Plessey improved 
4 to 377p, after 380 p. GEC edged 
forward 2 to 807p, after JJlOp; it 
was reported that a line of 
700,000 shares was easily placed 
through the market in the early 
business. Elsewhere, Lee Refri- 
geration stood out with a jump 
of 20 to 230p in response to the 
higher profits and the 44 per 
cent dividend increase. United 
Scientific rallied 15 to 316p, 
Rode International 12 to 255p 
and Security Centres 10 to 150p. 
Unitech also put on 10. to 250p. 

Huntley and Palmer jumped 
to lOOp before dosing a net 5 
up at 97p on the announcement 
that Rowntree Mackintosh bad 
sold its stake in the company 
to Nabisco Brands at 107p per 
shar e; Rowntree gained 10 to 
17ft). Elsewhere in the Food 
sector, Northern rallied 8 to 160p 
and British Sugar 10 to 440p. 
Fitch Lovell added 3 to 75p fol- 
lowing tiie acquisition of Hedges 
Frozen Foods for £3 5m. 


Sotbebys fall 




WORLD VALUE OF THE DOLLAR 

Bank of America NT & SA, Economics Department, London 


TIib table below gives the roue or exebenge for the U.S. dollar against various quoted are Indicative. They are no: based on. and ars not Intended to be 

currencies as of Wednesday, April 7, 1982. The exchange rates listed used as a beets for. particular transnetiona. 

era middle rates between buying and soiling rates as quoted between Bank of America NT and SA does not undertake to trade in all listed 

banks, unfosa otherwise fndicatod. All curranc/es am quoted In foreign foreign currencies, and neither Bank of America NT and SA nor the Financial 

currency units per one U.S. dollar except In certain a pacified arena. AH rates Timas assume responsibility for errors. 


Afghanistan 

Albania 

Algeria 

Andorra- 

Angola 

Antigua-.— 

Argentina.. ........ 

Australia 

Austria 

Azores. - 

Bahamas 

Bahrain- 

Baloaric Is.... 

Bangladesh 

Barbados 

Belgium j 

Belize .... 

Benin - 

Bermuda 

Bhutan 

Bolivia. - 

Botswana 

Brazil - 

Brunei 

Bulgaria. ............... 

Burma......... .... 

Burundi- 

Cameroun Rp. 

Canada 

Canary le.. 

Cape Verde Is. . — 
Cayman Is.. 

Can. Af. Rep. 

Chad 

Chile _ 

China 

Colombia- 

Comoros 

CongoP’ple.Rop.or 
Costa Rica ......... -j 

Cuba.......... ... 

Cyprus 

Czechoslovakia — 

Danmark.... 

Djibouti Rp. of . — 

Dominica. 

Demin. Rep-—... 

Ecuador. — ...... -j 

Egypt—..— — | 

El Salvador ... 

Eq’tl Guinea 

Ethiopia 

Faeroe is— 

Falkland l»-... 

Fiji 

Finland - 

Franca 

Fr. CtyJnAr. 

Fr. Guiana...- 

Fr, Pae. It— - 

Gabon 

Gambia^- 

German)' lE)...— ... 

Germany IW). 

Ghana — 

Gibraltar- 

Greeea — — • 

Greenland. 

Grenada.. - — 


CURRENCY 

Afghani (O) 

Lek 

..... Dinar 

iFr. Franc 
ISp. Peseta 

Kwanza 

. — E. Caribbean S 

Paso if) 12) 

.... Dollar 
.... Schilling 
.... Port Escudo 
....Dollar 
.... Dinar 
— Sp. Peseta 
.... Taka 
.... Dollar 

■ Franc (Cl 
■■ I Franc in 
.... Dollar 

.. - C.FJV. Franc 
Dollar 

.... fnd. Rupee 
.... Peso 
.... Pula 
.... Cruzeiro 
.... Dollar 
.... Lav 
.... Kyat 

Franc 

.... C.F.A. Franc 
.... Dollar 
.... Sp. Peseta 
.... Escudo 
— . Dollar 

C.F.A. Frano 

.... GFA Franc 

Peso 'Oi 

Renminbi Yuan 

.... Peso |0) 

.... C.FJL Franc 
.of C.FJL Franc 

! Colon (Oj 
■ i Colon 
.... Peso 
.... Pound* 

Koruna (O) 

Krone 

Franc 

.... E, Caribbean 3 
«■■■ P eso 

■ Sucre IO) 


I VALUE OF 
DOLLAR 

50.08 
6.7289 
4,1875 
6.3655 
106.81 
30.214 
2.7036 
11675 
0J9544 
16.9075 
71.95 
1 1.00 

0.3769 
106.81 
21.72 
3.01 
45.47 
51.12 
2.00 
313.275 
1.00 
9 .3905 
43.565 
0.9464 
na 

2.196 

0.942 

6.4516 

90.00 

313.275 

1.2287 

106.81 

36.51 

0. 835 
S 13.275 
313.275 

39.00 

1. B9B2 
61,55 

3 13.275 
313.225 
1 8.60 

I 38.09 

I 0.8 144 

■ 2.1345 

, 5.85 

8.2042 
( 178.50 

i 2.7025 

, 1.00 

1 25.00 


Guadafoupe .... — Franc 

Guam - U.S. s 

Guatemala ...... Quetzal 

Guinea Bissau Peso 

Guinea Rep Syli 

Guyana Dollar 


Haiti Gourde 

Honduras Rep Lempira 

Hang Kong ... Dollar 

Hungary Forint 

Iceland Krona 

India Rupee 

Indonesia Rupiah 

Iran Rial (0) 

Iraq........... Dinar 

Irish Rep - Punt* 

Israel Shekel 

ftaiy_ Lira 

Ivory Coast CJF.A. Franc 

Jamaica Dollar 

Japan Yen 

Jordan. ..... Dinar 

Kampuchea. Riel 

Kenya. - Shilling 

Kiribati Auet. Dollar 

Korea (Nth) won 

Korea (3th) Won 

Kuwait Dinar 


1 dVbID iri 

i Pound* tOt 

1 1.4493 

’ l Pound* tD 

i 1.3186 

“... Colon 

; 8.60 

.... Ekuele 

213.63 

■_ Birr lO) 

I 2.0363 

.... Don, Krone 

l 8,2042 

Pound* 

l 1.763 

... Dollar 

0.8942 

.... Markka 

i 4.6305 


6,2655 

.... C.FJL Frano 

‘ 313J75 


6.9655 

C.F.P. Frane 

107,771 


' 315J375 


‘ 2J3689 

Ovtmark (0) 

. 2.4D8 

Mark 

2.408 

.... Cedi 

! 2.76 


i 1.765 

— . Drachma 

63.35 


1 8.2042 


‘ 2.7035 


Lao P*pls D. Rep — 

Lebanon 

Lesotho— 

Liberia 

Libya. — 

Lieehtonst'n 

Luxembourg 

Macao. 

Madagascar □. R.. 

Madeira 

Malawi ... 

Malaysia. — 

Maidive Is. • 

Mall Rp 

Malta. 

Martinique — 

Mauritania 

Mauritius ~ 

Mexico 

Miquelon 

Monaco. — _ 

Mongolia..... 

Montserrat - 

Morocco- 

Mozambique 

Namibia..— 

Nauru is — 

Nepal - 

Netherlands......... 

Nath. Ant'les— — 

New Zealand. - 

Nicaragua. - 

Niger RPo— .......... i. 

Nigeria 

Norway 

Oman, Sultanate of 

Pakistan — 

Panama 

Papua N-G. — 

Paraguay. 

Peru — 

Philippines 


Kip 

Pound 

Loti 

Dollar 

Dinar 

Sw. Franc 

Lux Franc 

Pataoa 

Franc 

Port. Escudo 

Kwacha 

Ringgit 

Rufiyaa <0> 

Rufiyaa tMt 

Franc 

Pound* 

Franc 

Ouguiya 

Rupee 

Peso 

Fr, Franc 
Fr. Franc 
Tugrik (O) 

E. Caribbean 6 
Dirham 
Metlca 
6JL Rand 
AusL Dollar 
Rupee 
Guilder 
Guilder 
Dollar 
Cordoba 
C.FJ. Franc 
Naira (0> 

Krone 

Rial 

Rupee 

Balboa 

Kina 

Guarani 

sol 

Pew 


' VALUE OF 
DOLLAR 

6.2665 
1.00 
1.00 
39.5508 
22.1893 
3.0131 
I 5.00 

2.00 

I 3.836 

1 34,4297 

10.095 
9.3985 

658 JSO 
79.00 
0.2953 
1.438 
19.48 
15Z4.25 
313.276 
1.7834 
246.05 
0.35 

na 

10.7337 
I 0.9544 

0.94 
718.30 
[ 0.287 

1 10.00 

J 4.953 

I 1.0568 

1 1.00 

0.2061 
I 1.9617 

l 45.47 

6.0685 
i 313.275 

71.95 
0.9468 
2.343 

! 3.93 

' 7.55 

626.59 
2.4184 
[ 6.2655 

49.30 

I 1 1 .236 

■ 46.75 

i 6JS6S5 

6.2665 
i 3.5E55 

f 2.7025 

5.8074 
! 30.2048 

; 1.0568 

! 0.9S44 

1 13.20 

| 2.6725 

! 1.80 

, 1.3127 

i 10.00 

• 313.275 

0.675 

■ 6.1025 
03456 

11.7078 

. 1.00 

0.7265 
126.00 
580.46 
8.37 


COUNTRY CURRENCY 

Pitcairn Is- NZ Dollar 

Poland Zloty (Oj 

Portugal - Escudo 

Port Timor. Escudo 

Puerto Moo uz 6 

Qatar Rival 

Reunion lie de la... Fr. Franc 

Romania Leu (O) 

Rwanda. Franc 


St. Christopher. 

St Helena. 

St- Lucia 

St. Pierre.. 

St. Vincent .......... 

Samoa {Western}-. 

Samoa lAm.). 

San Marino 

Sao Tome St 

Princlpo OR 

Saudi Arabia 

Senegal 

Seychelles. - 

Sierra Leone ........ 

Singapore. - 

Solomon Is. 

Somali Rep— — 


South Africa . 
Spain 


. E. Caribbean S 
. Round* 

. E. Caribbean 9 
. Fr Franc 
. E. Caribbean 9 
.Tala 

■ UA 8 

. It Lira 

. Dobra 
. RJyaJ 

. C.F.A. Frano 
. Rupee 
. Leone 
. Dollar 
. Dollar 
. Shilling 13) 
Shilling (4) 

. Rand 
. Peseta. 

_ } Sp. Peseta 
. Rupee 
. Pound* (1) 

■ Guilder 

. Lilangeni 
. Krone 
. Franc 
, Pound 


Span. Ports In N. 1 r .,,„ 

Africa- f Sp. Peseta 

Sri Lenka. Rupee 

Sudan Rep Pound* (1) 

Surinam Guilder 

Swaziland Lilangeni 

Sweden- Krone 

Switzerland Franc 

Syria............ Pound 

Taiwan Dollar (O) 

Tanzania.. Shining 

Thailand Baht 

Togo Rep. — C.FJL Franc 

Tonga Is. ... Pa'anga 

Trinidad ft Tobago Dollar 

Tunisia Dinar 

Turkey. Lira 

Turks ft Caicos ua 9 

Tuvalu AuvL Dollar 


Uganda.. - 

Utd. A'b. Emir...... 

Utd, Kingdom- 

Upper Volta 

Uruguay-.....-.-.., 
U.SJiM. — 

Vanuatu 

Vatican - 

Venezuela. 

Vietnam..— 

Virgin Is. Br........ 

Virgin Is. UA._ 

Yemen- ..... 

Yamon PDR - 

Yugoslavia 

Zaira Rp..— 

Zambia.—..,.— 
Zimbabwe- 


Shilling 
. Dirham 
. Pound Sterling* 
. C-Fjl Franc 
. Peso 
. Rouble 

Vatu 

Auat. Dollar 
. Lira 
. Bolivar 
. Dong fOl 


JBal 
. Dinar 
.Dinar 
.Zaire 
.Kwacha 
.Dollar 


VALUE OF 
DOLLAR 

1.3127 

80.00 

71.93 

n-a. 

1.00 

3.6397 

6.2653 

4.47 

92.84 

2.7025 

1.763 

2.7025 
6.2633 

2.7026 
0.8547 
1.00 

1324.25 

40.6744 

3.4304 

313.276 

7.4784 

1JI2B7 

3.136 

0.924 

6.35 

12.46 

1.0588 

106.81 


I 1.1111 

1 1.705 

1.0568 
[ 5JB46 

I 1.9617 
i 3,9262 

j 38.18 

9_2172 
. 23.00 

313.275 
0,9544 
2.4063 
0.6673 
147.00 
1.00 

| 0.9544 

78.00 
5.6712 
1.763 
313.275 
11.9995 
I 0.7889 

101.261 
I 0.9544 

| 1324,25 

4.2037 
! 2.18 

j 1.00 

! i.oo 

I 4.37 

I 0.3415 

1 46.984 


Sotheby's took a distinct turn 
for the worse in miscellaneous 
industrials, falling 40 to S15p 
on the warning that current year 
results are unlikely to be profit* 
able and folio wing details of the 
boardroom shakeout. Comment 
on the disappointing results 
prompted a further fall of 4 
to 128p, after I26p, in fellow 
fine art dealers— Christies Inter- 
national. Hopes of a diplomatic 


compromise is the Falkland Isles 
crisis fuelled a smart rally in 
PUklngton and Unilever; the 
former picked up 14 to 257 p and 
the latter IS to 616p. Still draw- 
ins strength from the good 
interim figures, Glaxa firmed 12 
further to 570p, while Turner and 
Newall revived with an improve- 
ment of 31 to 63*p. Bowater 
softened a penny to 237p, after 
235p, in the wake of a large 
share placing, the proceeds of 
which win be used to finance the 
group's acquisition or Zenith 
Windows. Press comment high- 
lighting bid attractions helped 
Chubb to put on 8 to U9p. while 
British Aerospace gained 6 to 
lS3p, also in response to Press 
comment. Portals rose 14 to 
520p and Huntleigh 12 to 114p 
on satisfaction with the respec- 
tive trading statements, while 
Lead Industries finned. 5 to 179p 
for a similar reason. Cawoods 
were active but ended only 2 
dearer at 2S0p, after 290 p. await- 
ing further news of the bid 
approach. Speculative buying 
prompted a rise of 6 to 48p in 
Copydex, but Walker and Homer 
eased a fraction to 5p, after 4$p, 
on the profits setback. 

Hopes of increased business in 
the wake of Ford’s price-cutting 
programme prompted useful sup- 
port of Motor Distributors; 
among Ford dealers, Harold 
Perry, which announces pre- 
liminary results later this month, 
added 3 to 102p, while Godfrey 
Davis firmed a tike amount to 
S2p. BL dealers have refused 
to respond in a similar manner, 
but support was noted far Ken- 
ning, 3} up at 5ft), and for 
Henlys, 5 dearer at 103p. 

Business in Publishers was 
dominated by Associated Book, 
which spurted 37 to 390p follow- 
ing the sharply increased a nn u al 
profits and dividend accom- 
panied by a proposed two-for-one 
scrip issue. 

Properties regained a certain 
amount of composure after re- 
cent weakness. Revived demand 
lifted Land Securities 6 

and MEPC 4 to 217p. Els 

Laganvale Estates closed 4 
dearer on balance at 27 p, after 
25 J p, following the acquisition of 
Regentcrest and three investment 
properties for £1.4m. Hongkong 
Land stayed at 64p following the 
annual results. 

Oils improve 

Helped by the overnight rally 
on Wall Street Oils opened 
several pence higher, but the 
leaders drifted lower on lack of 
follow-through support before 
late demand left quotations 
around the day’s best Brills*. 
Petroleum ended a net 6 up at 
28ft). while Shell settled 10 
firmer at 384p, after 388p. 
Bnrmah improved 4 to l29p and 
Tricentrol 0 to l98p, while Lasmo 
put on 15 to 345p. Elsewhere, 
revised demand in a thin market 
lifted Global Natural Resources 
60 to SOOp. 

Overseas Traders usually dis- 
played modest gains. Lourho 
added 3 to 72p and S. and W. 
Berisford 5 to I32p. Gill and 
Duff os, on the other hand, eased 
a couple of pence to 137p fol- 
lowing full-year earnings at fiie 
lower end of market estimates. 

Having sustained substantial 


NEW HIGHS AND 
LOWS FOR 1982 

The following quotations In the Share 
I nf orm at ion Sendee yestertay attaJned new 
Highs and Lows for 1962. 

NEW HIGHS (30) 

LOANS CZ1 

USMC 9pc 1982 U5MC without WtJ. 

AMERICANS (41 
Bankers N.Y. Eaton Carp. 

Brunswick Corn. Tesoro Pt 

CANADIANS (1) 

Intend Natural Gas 

BUILDINGS (3) 

EriCh SGB Group 

CHEMICALS (1) 

Nora tods. A/S B 

STORES (2) 

Aquascutum Reed (Austin) A 

ELECTRICALS Cl J 
Thorpe (F. W.i 

ENGINEERING (1) 

Bronx Eng. 

FOODS (2) 

Glass Glover, Rowntree Mackintosh 

HOTELS (V 

Brent Walker 

INDUSTRIALS (4) 

Consultants Macfrrlaiw 

Glaxo Wilts CGcoJ 

INSURANCE (1) 

Marsh A McLennan 

MOTORS (1) • 

GenL Motors Units 

NEWSPAPERS £1» 

Assoc, Book Pubs. 

PROPERTY (1) 

Fed. Lend 

SHIPPING ro 
Brit. & Com 'wealth 

OIL ft GAS (2) 

Global Nat. Res. Royar Dutch 

MINES (3) 

ERGO Metramar 

NEW LOWS (61) 

CANADIANS CD 

Can. Ime. Bank Hawker SMd. Can. 

Can. Pacific Ent 

BANKS m 

Grind lavs 

BUILDINGS (2) 

Aberthaw Cement Latham O.) 

STOKES ai 

Al/eboae Lee Cooper 

ELECTRICALS IS) 

BSR Forward Tech. 

Crev Electronics Murray Tech. Inv. 

Emao Llqhtlnu 

_ . J ENGINEERING HI 

Cooper Inds. 

F.M.C. FOO ° S ™ 

„ HOTELS (11 

Queens Moat 104pc 

Cnv. 

... INDUSTRIALS 04) 

Abbey HolHs Bros. 

BWdte Hldgs. LC.P. 

Wares Lawtex 

Cltrlstl c-Trler Re Iron ' 

Equina Scotcros 

Flttwirten SMxwMIl 

Fobel ML Tore 

„ INSURANCE (21 

General Accident Son Alliance 

LEISURE (2) 

Boefey A Hewkes MM minster 

„ ^ . PROPERTY (6) 

Austnurlr InL stock Convorelon 

Lasairra/e Eits. Thames Imr. 

Phoenix Mng. Fin. 12pc Cnv. 

_ SHIPPING (II 
Milford Docks 

TEXTILES 12) 1 
Dawson ml Lister 

TRUSTS (TO) 

Cambrian A Gen. Munav Northern 

City a Com. Inc. Do. B 

Drayton Far Eastern Romney Trust 

General Stockhldrs. Soot & Mere, A 

GreeitOank M. & G. Grow 

OIL ft GAS cat 

Moray Firth TR Energy 

Steaua Rem. (BriL) 

Oomal 

Bert** RWBERS » 


PoneoMinental 
Goptna Cons. 


MINES (31 
Kighweed 


n> Not available, /ill Merirot rata. * U.S. dollara par National Currency unit (o) Official rata, fc) Commercial I rata, (f) Financial nrte. 

... rmm1 n ‘nn-|Vinn infixed daMv by Central Hank oi Egypt for Imporwra. Esparto rs. Tourists. (21 Argentina— Commermaf and Finaneia/ rata com bin ad 30/12/81. 
(1) E g^j 0 |^ n m g a ^^ a S Ihtrod uwd Ju iy 1— for essential' Imports. (4) Somali; Exports and Non-Esaentia) lm porta and Transfer*. 


RISES AND FALLS 
YESTERDAY 

Rises Falls Same 

British Funds 90 2 1 

Cerpne- Dam. and 
Foreign Bonds ... 31 3 41 

Industrials 4S2 769 712 

Financial & Props. 300 84 226 

Oils 44 17 46 

Plantations — 6 17 

Minaa 36 - 52 73 

Others £0 63 45 

Totals llS 388 1,162 


falls recently, dioney brokers 
attracted scattered support at the 
lower levels and generally 
finished with modest gains. R. P. 
Martin added 10 to.305p, while 
Hills and Allen rose 8 to 503p. 
Elsewhere in Financials, stock- 
jobbers Smith 'Brothers rallied 
a couple of pence to 4lp. 

Textiles were irregular. 
Couriauids rallied a couple of 
pence to S6p and British aiohair 
Spinners added a penny to 49p, 
the latter following acquisition 
news. In contrast second thoughts 
about the interim statement 

dipped 3 from A. Beckman, Sip. 

while Albert Marlin gave up li 
to 30p after the preliminary 
figures. 

Tobaccos took up a firmer 
stance. Bats, a dull market of 
late reflecting the company's 
Argentine interests, rallied 13 to 
415p; the interim results are 
expected later this month. Imps 
added 2i to 96p, while Rothmans 
hardened li to 79p. 

Golds under pressure 

Gold shares came under some 
selling pressure as the bullion 
price eased during the day and 
the impression that shares were 
over-priced relative to the metal 
gained ground. Bulii mi closed at 
$353 far a net gain of $3.5 an 
ounce, and the Gold Mines index 
eased 3.2 to 272.4. 

Randfontein Estates gave up 
all of the previous day’s gain 
with a fall of S to £34$, and 
Hartebeest ended a similar 
amount weaker at £22}. Falls of 
around i were common to 
Buffets, £17$, Western Deep 
Levels, £14f, and President 
Brand, £15). 

Among the cheaper-priced 
issues, Harmony lost IS to 554p, 
but small gains were recorded 
in Durban Deep, up 7 to 679p, 
and Ergo, 6 higher at 326p- 

South African Financials were 
mostly weaker, as in “ Amgold,” 
down } to £35, Gold Fields of 
South Africa, A easier at £29 and 
Anglo American, which lost 10 
to 540p. “Johnnies" were an 
exception, up a point to £27, and 
Anglovaal gained j to £18. 

Among Coals, Transvaal Con- 
solidated - Land recouped the 
whole oi the previous day's fall 
with a rise of a point to £19}. 
while “ Anamln t ** in Diamonds 
reversed its recent gains with 
a loss of i to £25{. 

Australians were quiet, open- 
ing firmer in line iwth overnight 
domestic markets and staying 
steady at the higher levels. CRA 
and SUM Holdings both gained 
7 to 154p and 164p respectively, 
while Peko-Wallsend, at 2S0p, 
and Western Mining, at 212p, 
both put on 2. 

In generally quiet trading, 
Hongkong Tin lost 25 to 425p 
for a two-day decline of 75p, ■ 
while Gopeng eased 5 to a year’s 
low of 445p. 

Yesterday’s steadier per- 
formance in equity markets 
resulted in a much quieter ses- 
sion in Traded Options with con- 
tracts amounting to 1,558. Calls 
were again dominated by 
Imperial, which attracted 327 
trades out of 971. GEC were to 
the .fare among puts, contributing 
273 to a total of 587. 


">J*Jl4.'5 

)F.P^lS.-4 

V.pj - 

■FJ*.I - 
iF.P. - 
'F.P.. “ 
iF.P.. 5i3 
FJ>.‘ - 
iF.P.: 7/5 
!f,P.i16i4 

KSi = 
I® 1 - 


" 140 Uwaroupibp J41 j*l 

:186 Amoraftam 

. 10 OAintirian ft Cen.7»| ag 

.IBS Dew iGea^ew ;IS7 

I St Fleet Holding* 20p.. ' 33 ..., 

: 27 | Green friar Warrant*; 30 ' 
1250 .ftoTKhiKMBy 
, 89 «lmm.Bu«.sy».lOp; 89 
867 ifUebsent Drilling.... '267 .--I 

136 Leiwre IikHl JM -4 

137 ^Oceonfc* 10p w ,153 !+t 

30 oaprey Aueto i 30 

30i|P. H. littuitrtaiB \ MV- ■•••■ 

'136 standard Sect : 136 ;--a 

, 70 Zambia cona Cor «K! 80 


fad&.n SJT5.8U.7 
b3.5 ;SL4 8.B.UL0 


lb»7A !W 0.4 6,7 
W,0 v 8A 6.7 -Ia 
,M2.6i 4,7. 1.4 If .2 
■F1.4 ^ ' 6.7- ~ . 
W.6 i L6T5.7 M 
|b8.S. 1 UB; 3JHU 


FIXED INTEREST STOCKS 


Sioo X2B 



F.P. 1 I6WIOZ6P *uup ifopnora 
08.53 £20 ! 20, 'Sj 25 Hi' ISL.Tnuw Coned Rpeli 


KOOHOn ***J^ • V . • •* ■■ "J" iV. 

Trana Canad Plpalinm 181“ Note* 2001 [ 8114 +1, 


"RIGHTS" OFFERS 



Remioctatlon data e*uWy last dey for daellng free ,ot ■rarep^cKity.^ti Bg ra 
baud an proBpecnw e«dnnrts. d D hndand rate 

capital: cover baaed 00 dividend 00 fuS cepfcaf. 0 Aiiumed aad-y*ii«. 

MSdJcriSdivIdend: cover reiirtesm previouad^dand. 
annual earning*, v Forecwt dividend-. «»ver bwdon ^ 

F Dividend and yield based on pwjwetus orotini jiffidjl 
0 Gross. T Routes assumed. * Figures or report watted. X Coyar ailova to 


dividends. 5 Racing price. P Pence unless othenwleo mdlcMod. 1 lasuad by 
tondw. D Ottered to holders of ordinary ^ 

capitalisation. fi5 Rmatraduced. 11 iwuyd hi connecl.OT ^ 
inarair or rake-over. Rg introduction. □ leaued to fonoer P f * < y gnQ> 

■ /dlounant Iflttara for fitiiy-paid). ft PrortaionM P 8rt,y ‘ i P ,, ^ d ^5 a *£^^' 
5 with warrants, tl Darnings under special Rota. 4> Unltated Seeuriti** 
Market « London Listing, f EITiicpvb isaae price ritof eenp. 1 Fwroerty 
dMfl ta trader Rule 163(2} (a), tt Udt oomptfeing five ovdhiaiy Md 6 m 
C ap shares. 


ACTIVE STOCKS 

Above average activity was noted in the following stocks 
Closing 
price Day’s 

Stock pence changa Stock 

Blua aide 456 +12 Rowntroe Mackintosh... 

gp 288 + 6 Shod Trana 

Chubb 119 + 8 Sothabya 

Glam 570 +12 Stewart Wrightson ... 

Huntley and Palmer ... 97 +6 Sun Alliance . — ....... 

Marks ft Spencer ...... 148 +1 Willis Faber 


Stock 

Rowntren Mackintosh-.. 

Shod Trana 

Sothabya ...... 

Stewart W rights on ... 
Sun Alliance ............ 

Willis Faber 


yeaterday 

Closing 

price . Day’s 
pence change 
178 +10 

384 .+10 

31S -40 

220 +20 
815 -11 

460 + 5 


TUESDAYS ACTIVE STOCKS 


Tuasday*s 
No. of closing 
price price Day’s 
Stock changes pence change 

GEC 39 805 -10 

GUS A 34 498 “14 

BAT Intis 32 402 -11 

Marks & Spnc. 27 147 — 3 

Sound Diffusion 27 88 —10 

Barrett Devs.... 25 262 —10 

Beecham < 25 236 — 4 


Tuesday*! 
No. of dosing.. 


Stock 

Shall Trans. 
Unilever ..... 


price 

price 

Day’s 

changes 

pence 

changa 

. 35 

374 

— 2 

24 

GOO 

— _TS 

. 33 

3)0 

- 5 

. 23 

242 

- 8 

23 

558 

+ 2- 

. 22 

160 

- 7. 

. 22 

373 

• 


Based on bargains recorded in S.E. Official List 


OPTIONS 


First Last Last For 

Deal- Deal- Declarer Settle- 
ings lugs tion ment 

Apr 5 Apr 26 July 15 July 26 
Apr 26 May 7 July 29 Aug 9 
Hay 10 May 21 Aug 12 Aug23 
For rate indications see end of 
Share Information Service 

Money was given for tire 

call in House of Fraser, 

Clyde Petroleum, Gulf stream 


Resources, First National f!l% - 
ance, Second City Properties, 
Metal Box. Lake and Elliot, .. 
Howard Machinery. L Rysta, 
Automotive Products, Premier 
Oil, Town and City Properties. 
Strata. ICL and Hunting GQritm. , 
Puts were done in Ultramar. . 
Golf stream Resources and GUS ! 
A, while doubles were taken 
out in First National Finance 
and ICL. 


FT-ACTUARIES SHARE INDICES 

These Indices are the joint congiDatron of the Financial Times, the Institute of Actuate 

and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 

s hi par e nthese s show nuni 
stocks per section 


1 CAPITAL GOODS (200) 

2 Bulldhig Materials 123) 

3 Contracting, Construction (2S> 

4 Electricals (31) 

5 Engineering Contractors (9) 

6 Mechanica/ Engineering (675 

8 Metals and Metal Forming OD — 

9 Motors C21) 

10 Other Industrial Materials (18) 

21 CONSUMER GROUP (201) 

22 Brewers and DlstWers CZD 

25 Food Manufacturing (22) 

26 Food Retailing 04) 

27 Health »d Household Products (8). 

29 Leisure 124) 

32 Newspapers, Publishing (12) 

33 Packaging and Paper (14) 

34 Stores (45) 

35 Textiles (23) 

36 Tobaccos (3) 

39 Other Consumer (15) 

41 OTHER GROUPS (78) 

42 Chemicals (16) 

44 Office Equipment (4) 

45 Shipping and Traqwrt 03) 

46 Miscellaneous wn 

49 IggnWLgBgflB 

5L 0foCI3) 

59 500 SHARE INDEX 

O. FINANCIAL GROUP (327) 

62 Banks(6) 

63 Discount Houses (9) 

65 Insurance (LHe) (9) 

66 insurance (Congjoslte) (10) 

67 Insurance Brokers (7) 

68 Merchant Banks 02) 

69 Property (49) 

70 Other Flnaidai n«n 

71 Investment Trusts 012) 

81 Mining Finance (4) 

91 Overseas Traders Q7) ... 

99 AJLi^SHARE INDEX (750) ! 


Wed April 7 1982 

Tue 

April 

6 

Mon 

April 

5 

Fri 

April 

2 

Ham 

r.» 

index 

No. 

, si 

Chmge 

% 

BL Grass 
Etoripgs Dh. 
Yield % Yield % 
(UxcJ (ACT 
a 30%) 

BL 

P/E 

Ratio 

(Net) 

Index 

NO. 

Index 

No. 

Index 

Na 

Index 

Na 


FIXED INTEREST 


PRICE 

INDICES 


SMWt GovernM 

1 5yBan 

2 5-15 yess 

3 Ower 15 years 

4 Irrede ema bles 

5 AD Stocks 

6 iMuitotiauSI 


W 

change 

% 

Tue 

6 

Mdxi 

War 

Hi ML 

1982 
to date 

+a<w 

109.71 


£89 

+U9 

10758 

— 

3.43 

+U0 

11102 


3M 

+m 

WM 

— 

142 

+0.90 

mu 

— 

3J1 

+0LM 

tsst 

— 

352 

+071 j 

turn 

— 

252 


AVERAGE GROSS 
REDEMPTION YIELDS 

British COMnmKiti 

5 years... 


Wed Tue Year 

AprB April ago 

7 ■ 6 OftpmJ 


3 

4 Median 

5 Cajpcns 

t> 

7 High 

8 Coupons 

9 


15 years... 
25 years... 
5 years.., 
15 years.. . 
25 years... 
5 years:., 
15 yean.., 
25 years... 


15 years.. 
3 yearv., 


IXET r *£*?!?*** ““^“^PuWshed In Saurtay Issues. Anewfttof cwsdtuensb 

available hum the PuMbher*. The Financial Tunes, Bracken Home, Cannon 9raet, London, EC4P 4BY, price 15p. by .post 20P 




T 



















■■'l+sKr". 


!•:??% i 

•r 


■?; :;i? 5 s 

• :i irg«i 


iff •;■ 

* ..... v:- 


' *»». iTs 

W dS 

tfl ^ pf >d nd ^ 
’’i on i-^ 
s '*** 

*: I 91 «: • 

— ' *>■«[. *» 

’ • *** bl "4c 
■ ;"c« x*^ 
‘••’■O '(Can 

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is 

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• U H 

ITitf 

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. l ins: 
..., .. ,,4 
: ’ ■ : - 


y>- ■ 

' " U " » JR ’ 




Thursday April 8 1982 


.- AJlfaAiiu. Co. Ud. 

ju- juiudnant EC4. (044691X1 


Crown Life 

£wn Ufa Hso, Woking GUaiXW 0*8625033 

ng - RL -" , a.-— Bm 


aji Sgfca^ 

SaSSEEE 

fixed inc.Ftt.Ser.*.. 
Anari»5er.4__L. 
HVllK.5er.4~~. 

Pension BlOTy .. 

PadtooSS*»_ 
Peata»Mm»'4~_ 
Peotioa Secnrtcr— _ 
Pension Fbedlnt 



— Pens. Money 


FT UNIT TRUST INFORMATION SERVICE 


tetnm Invest. Ltd. Ldn. Gate. taxi Find Mbit. (Jersey) Ltd. 

2. Si. Mary aw, LotAw, EC 3 014693531 P.O. Box 194, St. HcHer, Jeney. 053477*41. 

tertaflre Fmd Mum (CJJ UAU CM 8i28!P-|Si lm --|0£& &*§ ' TL* 

aKSfeSfisP-'ni^t 

nmeitisL 

Japan W 

N.AnencmTn. 

VrtL BoirtFund.. 
tetnmrc Fund Uxaiperi (IOM> W 

P J). So* 32 Dougin. Jtk el Mao T(LDH4S9fl ISC inve s tmen t Managed Limited 

&SSS!ffi&K* iH ;:::J »S 

AtsiBunefeni GENERALI SpA. SSSSfflirJH “I J = 

P.O. Box 132. Sl Peter P on. Guernsey, C.I. 

KffiliSRS^BiHI Wl -:;J = r»h» Ltd. 

■""■frdMg tJH J 0 Richmond Ufa A». Ud. 

Guinness Mahon FA Mgra. (ftwniey) 

POBm 188, Si- Peter Port, Guernsey- 0481 2350b. DaeSmnlW 

Intl.Fml .(519.70 ...J 10.«0 Sterir ~ 

Prices an AN iTMext tooling writ 15. Altai 


Legal & General 

» i*""' 

Cash trta* I 
fiO.te3Jtn.ld 

8**rWiW 
Da tom . 
FiadhOM 
On tearof 
bCMUa 

Do. Aecuoi.1 

M*teedh«M 
DaABm — I 
Praoerty IrStM 
Do.Aaam._J 
Exon^t Cash InttJ 

Do. AffillL- H 

c — -T* Eg iy, Ml 1 

Da tam. 
EKOWR«d 
Do. team. — 

Bsempt Mi, intiM 
Ed-Anaxu. — 
Earn* i&w3 

Oa.teun. ■ 

e«r>wewp.tattj 
Datea»TL — ■ 
Sxpeposnlniil 
Qo.Ate«n.^M 


! (lint AssorJ LbL 
Magswooit Ti»wrttv Sam 
B«S*«HeV*SM56 


Nondcfa Unfan bnnnce Graap 
POBox4,Non*ANja3NCL n*ffr?W 


Shamfia Ufa ft mnauce Co. LbL 

161-166 Fleet SL, LaMObECAZDV 01-3S38S11 


SSSL 


Cney flnt 

PwprtiBpL- 

RjtN!<*.nmd- 


InteriMH mw 020.7 TZW +1S 

Pew. Mw i9e d Aca.nA2 1^ +13 

Peas.QNb'Acc— Jl3&3 K 53 4Z3 

RrMwaafilWiaaibMH 
BA Ma pteae Phone OWCS 8511 


NbnM ItafN LHe IWWIItl 




_ Pttoi at tefl fc. 

_ Nor.UotoMer.15_J 31 32 I J - 

— Pearf AssuMnee (Unit Funds) Ltd. 

— 252HViHDK«nvVUCIV7£a OMOSBML 

— ew.Pwo.«si_ 03W a.4 — 

~ Inr-PitouACe 173.9 lffii — — 

— Isw. Equity ______ 1763 1S7S — 

— toStotd B6L2 169.71 ..... - 

_ Part Amttocc (Deft LWeerf Meal Ud. 
lifl toLMawna -4129.* «5jT..._r — 


SfanMant Ufa Asstdlnec Company 

3 George S^&fKurjhDCZXZ. 031425 7m. 


AMfaiot Securities (G.L) Ltd. (aXcKb) 
PA Box 294, SL HNter. Jem. , 


QnMe’/tfetoeW CMIBUfitttC 
31-45, CrwtoMSti«eL£C2V7LH. 01-6004177 
Rese.td.iM. April 1.GW&97 15.001 ....J - 
Hen oeeBto a*e W»» a *imenm. 


Legal & Genend Prop. Fd. Mgn. Ltd. 
U,(beenVKtcrtaSU£C4N4TP. 01-2409676 

LAG ten 1 Z11 3 S.I 33131 . . ._4 - 

Next atn tftr MV L 


Ptneen Assorance Co. Ltd. 
4.5KkiSVHmanife_EC4P4HK 014269676 

rEH JS3:^ r 

Pioneer Rhitoai Insurance Co. Ltd. 
l&OoavftLN.VfetotaaLTnd 0519086655 
Pioneer MM. M± FdiTMJ lZUH — J — 

PtaMd Savings G»sp 

68 , East Street, Horjtam 

SfSS 

4th Maoaged— 

» SU - 


Ciusader tnurence PLC 

Tomer Hue. 38 Trinity Sq, H3N40J 4B82323 

fesiaxmk M=d = 


AMEV Ufa Assmnca Ltd. 

24, Pdf** rfWate RB, B-mooSi. 020276212? 

i~ = 

^^11 Hi 


E»gle Stir iRsarVMMtand Assur. 

1, TbncadoeftUe SL, EE2. 01-5681212 

EJtoe/MW- UnlB__|7Z6 7531 _J 632 


Bpdtf A law Ufa Ass. See. Ud. 

Anrdn Root, High Wyamaie. 049433377 

Bfissr* - 

Pjoperty 


Ufa Aswr. Co. of Fenngivan a 

aNewAL.CtatoKn.KM- Mtownjf 812346 

LACOPUnto PX2S 1U4 J — 


Lloyds Life Assurance 

20, OMm SL. EE2A 4HX 01,920 0202 
MuHIGtoh-Menfi 6^3817 — I J 




Barcbys Ufa Asur. Co. Ltd. 

2S2 ttadofd RO/E7. 0W34 3544 



Einty A Law (Managed Funds) L td. 
AaMteton Read. High Wycombe. 049*33377 

Ind. Pen. Equity _ 

latessss: 


sasatfssM 

fcISfoCT 


Pag.OaCp.Mw-31- 



0403 M2S5 

3 ^ ~ EE 


Pension P*4 lit j. 

PBtooa hxto: LksktoB 
PCKhMCeeh 1 


Sun AMance bra 

Sun ABapee Howe, H 
R^l S ped Fund - 

(SSSfe- 

Deposit Firti — 

[S3TS5Ss 


AlA. Band liwaiiu afa AS 
ia WiiU in iuh CH63QL Swtocrtoto 
BweeSM.Mw22_tuU65 lOTM — 4 — 

Baik of America Intanwtienai 5A 
35 Bcufcr w d RoyM. t raa o w tA , 
«A*e« (wane - tBS AS llU3t --J VKL 
Piters at Modi 3x. Nm aab. Apnl 1. 

Ba fit ly s Unicorn I ntel uaU oal 
1, Oaring Cran. SL Htoer, Jem 09473M1 

IMbOWTnsI 

i3SS&e&^ M " S3 ...T ! I 

Da AteL Mtn____ 4LS Sffl zn 

Oo. Grtr. Paafie U 2 S ^9 ^3 

Da hid. Iran* 2&6 30M +02) 

Da «eotM»iTa.... 42_7 468 M.® 

Da Manx Mohwi V»*4-a4j 220 

Btf wwfa C omu o J ty Ser. LbL 

PA 8c« 42. Dougue, l A.M. _ 0£»O23 l m 

^ ::d ub 

(Maw ttto *30 and -EL MW to. 1 


Randnco Managers Ltd. 

P.O. Bjl 1549, Hmttn, Bemofli. (90029) 2-7979 
RAMINCO April 5.~.|S8 39 9Jt| . i - 


Wchmomt Ufa Alt. Ud. 

4 HUl Stmt, Deugto, I.0.M. 
TheSiherTiwJ ”“ B 


063*23914 
l+OS - 


gg Phces * ted I Next (Ming Apm 15. 

Hambn PpcBte Fond MgmL US. 

2110. CMMaughr Centre. Hang Km 

a ssatgEa-w - 


Alias botci wv 
UK Gilt Find .J 
SappMrp Traal 


«rd= 


Do. B 

OaCBrtuMto 
DaDFWtha 

Prenhea Life A ran wei c e Co. Ltd. 
Eancbeiter toe, Kaywaato Heach.0444 58721 
AnertavtTneh. Fd — IlDLD Wfl+ld _ 



Bridge Ma i^ envw t Ltd. 

GPO Bon 590. Hong Kon0 

- SSiSCfcUS'^Ud u6 


ill fesESJ “ 


fto.PeatetoUt.Sa. 
Ito (ten.Oi>ersue_ 

ito. Pea. cadi 

Ito ftn. Balanced 

Group Penan 


— — AnSNte.CVsAw.7 

- — AnS**oS 

— — Comeodby 

.... — Extra toe. aprU7 

... — FarEante87- 

... — Rn.Ses.Aprfl7 

— • — GowACea. 

. ~ GrmW 

*3- . IncAfirotohApfll 7. 
n ftoWOL lroQruHthPa'07 
Bll " n Pert. 



Bbek Horn Ufa Au. Ba. Ltd. 

71, lombard SL, ET2L 01-6231208 

Bttdr 


cr. MmanemMif in 

Satef 1 ^ London, EC2MTOL 

^TjkP9P.“SS/s^-lS4 l -* 0 - 7 ! - 


Frag. Eqdtf & Ufa Ass. Co. 

42 Iteuatodtttb, London CC3A7AV 01-621112* 
R S8k Prop. Bond I 2426 I 4 - 

Property Growth Amur. Co. Ltd. 

Lean tteioe, Croydon CR91U). Dl-fcBODbOfa 
" 1 279.7 I — 

^ d: 

9946 | ..._] — 


Em -u~— iteW 
SAFWRSIntMvlQ' 
Praierty MnrOi 10 — 


San Ufa of Cacada (IBQ Ltd: 
2.3 > *,CWScCJurSL.SWlY58H 01-9905400 


Growth Frai 

MngMM a__ — 

h£Sto^S3teEI 

EiMty RmdAcc 

Prooerw F««l to. _ 
F3«tJ lid. Fd. Act _ 
InrJ.Fa to 

ggjgfearf 

Pmond P«tL Pd. — t 
Pew. Itegrt. «rr — p 


Britannia ML Imestawnt MngnL Ltd. 

5 


tExetadn total dwge « wait orien 
Henderson Admin. (Guernsey) Ltd. 
7 New SL.SL Peter Port. Gaermn 0*8121 
American (US eents).pl7.2 323.4) ..._) 

Henderson Baring Group 

80L Oteuceorr. 11, Pedder, Hpm Kong 


rSMrng. ..... 12.4* 


Admin. (Guernsey) Ltd. tPwntf —"Btetoi a. Hen Agl 7 

!S 55 Ea- n &rif^ 




»J=El = 


Am SnaHcrCos-FttEe 

CnMFtod- § 

UntoralGMhF«nd..e 
Oolw Income Fd K 


totnHanPeri.Fd. 

Fhr Ena Fund 

Jersey EnorflyT* 
Jersey GBt* ___ 
U.K. Growth Fund. 
USMFond- 


— Jon! Fd^rSl ^ 
7.U Matay Sina April 6 . 

— PanfWFfl. Mareh3L 

1360 Bond Fd* April 

■IrcfcW* 01 



Save & Prosper International 

ftffliO, SL. Keller. Jersey 

issiiM 


•Iritotre oTKAwri Chige. f . r ■ 

Henderson Management (Guernsey) Ltd. UK&owihFnnd — m 
PO Bos 71, St. Prtrr Port. Guernsey. 048126541 1!"SS&*£* -fiS 

6teW.t.’. -JHLMM-WM EHSSfl&HdS 


®WS^tes 1 ^ffil'?9 I 85 





ja= = «—**» 

z gggs&ii 

• 1 Hfgh lucome toil 

• Income too 6 

Intornadonal April 

Asslcarariani GEKEBALI S.pJL 
127, Feoeteiri* St, EC3M 50V. 01-4880733 

latL Managed Bond-. 0355 1427) ._..J — wTSSrCW April 



Camdj.Ufe Assurance Co.’ - - ■• 

2-6, High Sl. Pmtan Bv, Herts. P. Bar 51122 

EMMEKd ^ friz 


Canada Ufa Afnnace Co of 6. Britain 

26 HlgbSL Potters Bor, Herts. P. Bar 51122 

SlsESS^r "Bi eJ = 


Cannon A«mace lid. - 
1 Wymptc Wv, Wemhtey HA90NB. 01-9028876 
Equity Units. 1 OLA 1-0231 - “ 


General PdrtMfa LHe Ins. C. Ltd, 
Crawbraofc9L,ChBaurt, Herts. WaftlamX 31971 


MEgfc -m- i=j = 

Portfolio Mao. (ntt-_Kl* SS3 — — 


Growth & Sec. Life Ass. Soc. Ltd. 

48, London Fruit Exchange. El 6EU . 01-3771016 

ms-M = 


London Anteen & Hthn. MtL Anv. Ud. 
129 KinQSMV, undoa WC2B6NF. 014040993 
*AaM BuUder* U35 563! 4 — 

London lndewvdty & GnL Ins. Ca Ud 
IB-20, The FcrtXMy, Rrv«Sng SB3512. 

iJhu^S^ZEEE^a* m3 Z 

Fixed bltenst I*A6 4751-031 

London Ufa LMced Assar. Ud. 

10aTe*RdoSt_BHWS,8S16EA. 0272^79179 
Etow 0609 M5JI J - 


PWp. Btotoi Ptiitow fc ftiwniflei Ud. 
AaWTher At Ihs. 1995 Z105 .._. — 

Wr.Fd.Uts 21t ..... - 

Penrion FH. Uts_— Z333 ..... — 

Com. Pm. Fa 235.0 — 

Cnw.Pns.Caa. IX _ 1653 — 

Man. Pens. Fd 2330 ..... — 

Man.ftw.Cm. Ill — 1909 — 

Piro.Paa.FSE — __ 2415 — 

PraaPmCasUtS- 1?30 — 

BdB-Soc- Pen. Ik — 21 20 — 

Bfr&Sttz SS :r z 

ssaxast: SB z 

&5ti Pm Rt Cap- 1583 +251 — 

Providence CWttni Ufa Assc. Co. Ud. 
30 Uxbridge tetoWUSPC. 01-7499111 


Sun Ufa Unit Assmnce Ud. 

107, rtwirtrV iwte, BC2V6DU. 0272-29952* 

sassssr— ffii «aa|z 

BSSfioo. m* im +°4 - 

SS^zzzSS = 

isJtwAcc. 2415 25*3 +2.4 — 

Flxto Interest Caa — 1222 1207 +01 — 

Fined Interest Acc_— 131-1 13R1 +02 - 

CrnhCto 129-2 136X - 

C**toL 1306 1*55 ... — 

International Cap m* B9.4 +S0 - 


Fnr Eastern Cap 1 

Fw Eastern AkZHEE 


Sh Ufa Mm 

(tad 
Pea 
PmwtoflprrtaiT 
Item. fttjpertyCapu 
Ftem. PranerorAca 
Pens. a»3S Cap. 
PmesAtyAca _ 
Pens-F. Interest cap. 
Pens. F. tntemt Aca 
Pm Cat* Cap- - 

Pens. Cash Acc — 
PmiauaCto. 
Pens. Irani. Acc_ 
ftens-ArTfericanCia. 
Pens- American Act.. 
Pens. Fto Eton. Cap. 
Pens. FtarEstm. to. 


StSto 

S!fS3HSi5fi 

GRtFund 


First Sterling 
Fbsthwd. 


ssr«T 

^739^^1325 
a b£m . -4 13 do 
59 7.6*to 07U 1325 


2^3 z 




tweedy dealings. 

Hid- Sam dm & Co. (Guernsey) Ltd. 

8 LeFebvre SL, St. Peter Pert Guernsey, C-l. 
Guernsey T« JZ029 217.1) +4.7J 340 

Hffl Sam uM investment MgmL IntnL 
P.O. Bo* 63. Jersey. 053476029 

^ : I 

Bo* 2622. Beme^Smtzprlfid _^^Tekx33*S 

Bifa^rt^SF Futoji^rtMT' !bS+Dw — 
Far Ead(Crassbow).^564 5^+ora — 
TectmtogydTF Fd).pUSM97 1120l*£10ll — 


6 SS™=HB ~ 

CoHwnodJty F*nd> . , 

MdFto?***?.t .::: e|uIs420 i 8 o^-B(o| Too 


Deposit Futos 
St. Deposit — ; 


April 1 (Weekly Dealings) Da*i I 


1533) i 016 
—•Aflnl T 
Da4| Oealuto 


E- Schroder Life Group 

n Enterproe House, Portsmouth. 

0^ ” tritanwHow) FubOi ^ 


Brown SMptay Tit. Co. (Jersey) Ltd. 

P.O. Box 583, SL Heller, Jersey. 053474777 

ButterHMd M a nag emen t Co. Ltd. 

P.O. Box 195. HamRtoa 8ermjda 

Pistes M Matoi & NM sub. ngr April 5. 
CAL Imestmnts (Vo M) Ud. 


I.C. Trait Managers Ltd. 

10. Si .Georges St. Douglas, loM 062425015 
Im. Commodities Tit. |47 6 1Q38| ... | — 

Wen Oeaun toy tod 7. 

IGF Management S e rv ices Inc* 


CMS 


SFlxrd Interest 105 

LManagrri 1X7 

SAlMaged.— WS 


Sdroder MngL Services (Jersey) Ltd. 
P0 Box 195. Sl. Heller. Jersey. 053*27561 


Registrars, PO. Bto 10*4, Cayman b. BWI. cwHmgMnaevFd ...[023915 12.19841 . I — 
endTGold Fund IUSS6U7 6580) . ...4 - UpiWtoyE todl* 


N.V. bitefhebeer 
P.0. Box 526, OeHt. Hollato 


J. Henry Schrader Wagg A Co. Ud. 



Prop. Bond/tasec — _ 
Bdl. BtUExtc/Unif— 

Deposit Bodd 

Equity Aaxra_ — - 


2to American a— 

2toMt Money 

2nd India 

2nSEaPmlto — 
2ndPrp.MAcc_ 


fed Index PaojAcc. W-7 9 

WSc^M J 

... Current Mine April 


Guardian Royal Exchange 

Royal Exchange, EX3. - 0M83T1GJ 

rofcx — i — 




IMM Ufa MM 

WffiS5= 

Property (P-l 

Deposit i P-)I__EZ 

rthced [pj 

indemdStodrfPJ.. 




Caplbf Ufa Aanmnct . 

C<xAaoaltewe,Ctap*l AihVftm. 090228511 

aaftri't \-i = 


far Chutertaw* Magn toe llt«pit HtohA A Ufa 


CMetfain Assumtce Folds 

11 New Stmt, EC2M ATP. (XWB33933 

Managed Growth 8f£?9 - 


Fixed Inti Initial. 


Dp. A mm .. 
ManSSiidMH_ 
Do.Acoan.__.. 
Property Inltld-. 

Da Acoxu 

Deposit Initial 
Do. Acorn. 

Peos. fSTI*. Initial 
Pens. Fbtxd InL Aca. 
pentiotnimiw 
Pens. lort. Ace.,. 

Pens. Pnm- Initial 
Pera.fttm.Acc. 
Pew. Deem- I 
Pent Oepos. Acc. 


London A-MMChaster G)g. 

WtatotoftwInBtoer 039252155 

Ua«aTstFa*_ . 3DOO 33 

Property Fund ' S3 — 11 

ppxaaeFmJv 1*05 05 

Fl*vd Interest Rl. — U4. 9 . — — 

Gtd. Deposit Fd — 

Capital GmUi. Fa — 2905 — . — 

AVMQTTWher Flirt— • ffl.9 — 

townottemS-Td — ^25 — — • 

isssagzj si* B = 

*AtfcWcfl n price Where mtooed im*e. dwoes apply 
M & G Group . 

Tfrro Quiys. Tower Wlf. EC3R66Q- OL-626468B. 

ZXSSSBSffi z 


Deposit Fd. Act. _ — 665 
hSPnsX>rttFdto_ S73 

Fat InL Acc. 636 

ItoPmtFtobLto- 573 

htrt Act. sa« 

IreLPera-WtnLto — 60J 
ItoDflOtofaLAca — 661 
ItoPM-MWiAlAcC.. 583 

iS^WaiS^LtoE M3 

For Other Funds and Captol 

Pr p yin iJa l Life Asawa 

222, Bhhopafate, EC2. 

Managed Fd P8L2 

cashed _-lM3j 

Property Fund . — _u6 15 


~ Target Ufa Assuran ce Co. Ltd. 


^Vtom.G-etmoe. 


611 -CJ — 
67X — L£ _ 
60.4 -L7 — 


: tto«tosoi-W9 9m. 

meg Co. Ud. 

01-2*76539 


U9JI _.J - 


Fxd. InL Fix’d— 1 


Fw East. 

Nortli American 

Special Sits 


Chnwrt Deposit 8md 
AdUWUfD — 
[Fd. Bend 




High 
tewl Growth. 

Cash 


City of WestMWter Assornice 

afczril 9 'll 

Black eS3 Fd. S3 B5Eg+E7 KLI 
PULARmd— 5« 2».d 3W 

i, 


Hambro Life As snrewce PLC. 

7 Old Park Lane. Lotorav W1Y 3U. (0-499(031 

ESSSc* 

SbMgcOAo- 

OlMUI- 
GRt Edged 
American Acc. 

PtoFjSo&.IZ 

Pen. Prop. Cap. 

Pea Prop- Acc. \ 

Pen. Man. Ceg 


t-UtoodGaU_' 


Rt 

Pea. „ _ 

Pen. B.5. Cap. 
Pea S3. Aca. 

Pm. OAF. Cap 

Pen.DJUF.55. 


Hearts of Oak Benefit Society 

129, Ktagsway, London, WC28 6NF -01-4040393 

5ESS9S=®. 53=4 = 



_ Mnaocd Fond 

_ CeW^imd 


Perform urns. 
_ farfttfao 



Them iro napnot W 


Uericad Medical Managed Fw* UtL 
15, SL Janwl Sq- SW WllA 01-9905474 

p**oFuto_ E«3 m.g -4 - 


Henderson AdmMstntian 
11 AURte Friars, Imxtan, EC2. 




JWH Fu^ Bond 
Managed Bond 

ssssss 

HedMe I 
American <Cm>J. 
DalAocun.) 
onwtoican 
DalAcoanJ 

Fixed Jnorcst (Ctex). 
Da (Accwa)— 
mda-LWted St 
Do CAcaru) — 

SfSSJK 

PPPFundtCapJ 
Do. fAccnrii). 

Pacific <Cax>J 

Do. ItoinO 
Property (C*P. l — 

Da CAccunO 
Person!. Pcnskm 


Rbmfacturm Life Inn 
Sl George'S telgy, Ste vero pe., 
Meroged— ■■- gg ’-S 


•^^iiswrLt- 


Detffitt Pent- ArxL „ 11&7 
,7^,1 Property PW. Ace. -1126* 
ttoptr Fg. hit. Pats. ACT. -E 1117 .0 

tc^rrPros. to_-U3£5 lWI+ifl ,— 
far CtoXIMt and Other Prices ring 01247 6539. 

458a Pradentjal Pensions Lfmfted 

— Hotooro BWS.EC1N2NH. 01-W59222 

= mSS^SiSMt = 

— Fl»enia»*jr.l7 12302 2BJ3 — J — 

— Proa Fund Mwl7_B«5I 5Uri — J — 

_ PraLtek fetomt Pta. . 

= sa-.d = 

— Refuge Investments Limited 

— MPOxtfltoSU H wi rti e iU i 06X2369432 

E S 3 SS=® 

Z Reliance Mahal 

Turtridgr Writs, Kent. 0B9222Z71 

Z ^zssr_El m-d Z 

— PnJ Fd. (2nd Issue) .P07.4 LBO — J — 

— Managed Fd M42 UJ9i| — 

“ Rnths ch fld Asset B fai— a ment 

_ SL StoOilnx Lana London EC4. 0X6264356 

— MX. Prop. pn.9 182 tod „_.J — 

— New sto period Mirth 3Vto« ». 

— Royal Insorance Group 


Z 

-<S Z- 

-v — 


Man. Fund I 
ManFuri . 

Maa Fund Acc. 

M3i FeL 
Pr^L Rmd Inc. 

Prop. Fd. - 
Prop. Fd. 
Prop.Fd.lnlL 

Prop. Fd. I 
Fixed InL Rt Inc. 
FhwdM.Fd.Cap. 
Fixed ha Fa Acc. 
FhedlflLFtLI 
Dtp- Fd. Inc. 
Xep.Fd.Acc. 

Dep. Fa lira 
UK. Fd. Inc. 
UJC&XJbyFaCap. 
UK.&aihj’Fd. ‘ 

ILK. Equity Rt ML. 
InL Badly Fd M 
lia BMty Fd- Gap, 
lrt.EtotyFO.Ao. 
IntBtotyFdl 
Ret. Plan Ac. Pen 
RjaPiaflCrtx-Pev— 
Man. Pro. Fa Acc — 
MrtLPWLFacap. 
GIN pen. Fa to- 
GOT Pro Fa _ 

Prop. F+a. Fa 

Prop Pen. Fa Cap— 
Gxor. ftm- Fd, Acc. 
Giw. Pep Fa Ca p ... 
Indea-L. Pan. Fd &pE 
!rxtex4^ Pro Fd. to 
Steri wg. 

U^. Ddto Ftrtd 
Sv*a Franc Fund_ 
Deutsche Mark Fund. 
YenFirt 


Ti toto te nA Honad Ufa Ins. Ca Ud. 

55-57, Hk6 HOteonv WC1V 60U. 0X8317481 

ISSigS^z® ' 
l^lSbaZil 

Series 2 Btoiey Fa _ 11&9 

Series 2 ajeasFa_mj 

Tirtp ImesL Fd- 09.7 

TrttoAtonagedFa - 173D 
Managed uw. Fa ira. 13Z5 
Itoaoed liw. F A to . g03 
MaaPeaFaCtoL- CTfl 

Maa (tea FA Acc — 12268 


Trident Ufa Assurance Co. Ud 
Loratai Road, Gtoucesttr. 045236641 


Capcfirex SJL 

P.0. Bon 17Bt 1211 Gennw 12. 0104122 4662BB 

SSfer=lffiS “ 

Capital Asset Managers Ltd. 

Benawte HJ6 SL Jultero A ** SL Beto PgL 
Giwimni r i cwai 26268 

The Currency Troa.. 1900 UM.Of+201 0.98 

Capital Intanattomt Fund SJL 
43 Btoewad Rgprt. U iraid O n g 
CtottelnLFtrtd I USS2328 I J — 

o ^KiSSijmJSssrBiew 

Ctarfafteouse Japhet 
1 Pa te rnost e r Itew, EC4 01-2483999 

3s= r*-:— E fir ::d tn 

•Steal March 3L NexL sob. day NferX 

unmmoust japticz uutqic] un. 

Oamal Hsev, SL HdWr. Jenay. 063474689 
Cantnrt Amts Conwpcy ftewds LXrt. 

uss. IJtuu _ uoag — 

iswfrs - 1^^ — 


CtBwton C — oMtfa s (Me of Mm) Ltd. 
29, AIMi Street. Douglas IaM. 06242)724 

tSZ£^\T&%g, JS 

Cwm. OwiteC y A 1 HWStddWl 6A 

ComMfl Ins. (faotwy) Ltd. 

P.a Ban 157, SL Peter Port. Guernsey 
MrAkteFd BIOS 237JI ..._J — 

Cortexa I nte r na t ion al 

104. Btonerd Itejef, I mtnBOng. 

Cortexa Irani _J USS76.72 I J — 

Cnigmotmt Fixed f«L Itogi. (Jtnq) 
P.a Box 195, SL Hefler, Jersey. QS3427561 

GOT Fond Us^J_—_|B6J ^ ^8691 -14 1430 

DW5 Deutsche Ges- F. W B t pap ta s|i 
Gnxwfaurgweg U3, 6000 Frtodurt 
hxva IttOn 326fi}-QtlSi - 

Delta Group 

W). Bax 3012, Nwsau, Batam 
peft.liw..Mwe h3 p r JlSg 90 30S x-iL =«, 
London Ageme KWneort Bom. Tel: <0-623 8000 

De u t sch cr Investment-Trust 

Potted! 2685 Blebefuane 6X0 6000 FranMurt 

SPStezdSSS ssuaz 


EvnrraUaf Offer Pee) | DF169.B8 1-002] 286 120. ChertHide, EC2. 01-5884 

International Bond Trust !i$?3 325 

2, Boulward Royal, UiwrabOWB ttrapUtotonlb-.. USS133* -ODS 

MIW 9 E»JH = ® 

International Pacific inv. Mgmt. Ltd. 

Pa Bm RZ37, 56. Wt St. SpMr, Ausi. scbmder Unit Trust Mgn. InL Ud. 
feveliD Equity TK— (AS&16 i23( J 7.» a,, 273 s,. Pert. Guernsey. 04812 

Inve stm ent Advisors, Inc. ?SEtftSSts 1 ® a wii 

Fni IntrmaUoMl Pltza, Houston Texas. r SSL inf? infil ‘ 

li" 

Sroterg Dxanas SH» Tri: 00-247 8461. > way--.-. v eaf| 


Texas. 


Box 273 Sl Peter Port, Guernsey. 

Scteadtr Uh Ann 

KSSSW? 5 


J::: 

Next deahng April 


BtSBIB=BP to ^ 

Jardine neming A Co. Ltd. Pnctt " *** 

46Ui Fluor, ConmrtMl Centre. Hoog Kmg „ _ . 

J.f.JukiTo. naan — .....C353 *lScnmgeoar Kemp-Sec Mngmt. Jersey 

- (toil) WSll - - 1. Daring Cross St. He Her. Jersey. 05347374] 

• - SKG Caoital Fmd .-.1165,0 . 17001 . . i r 

—— ■JjjQ $KG^ncome Fund 65 ^ • •• | 

rm 

— „ Sentry Assurance International Ltd. 

050 P.O. Box 1776, H ami Hon 5. Bertxuda. 

::::: UO Managed Fund HUMS* 4.96101 ( - 

Vm SHmal Ufa Assurance Co. Ud. 

E Tz> SSSoiot?*' ““ 

- ...... - Growth Sbrta9teiFd_|£2A5 24« 1 — 


F. Jaoan Small Co. 
T.ApadTfrtnotaW 
jF.EineroTa 
Do. (Acorn.) _ a 
J. F. Pac. Sea. (Inc.) 

Da (Accura.)__. 

XF.trtrt.Tsi_ 

SWRS? 

fF-ter. 1 . 

OF. Cu-.6Bd.FAC tee. 
AmtrxtoTu 


NAV AprH 6. Nad Oealim toy April 19. 

iUXte AOTXS: R*L Ffctor* 01-20 2400 4 Friediuuler Un . AsfffltS. 

Leopold Joseph & Sons (Guernsey) 20, Caam Sl, EC4. 01-24 

HmelCuSL Peter Port, Goermey. 0481-26648- Dekaforofc. (MI22« 23651 ... J 

Ul. Sterling Fwd._ (£14.67 1468) J— Tokyo TsL April 1 _-| uSS3900^l j 

For Kiog am) SbanM see 

Britaonh lotL bv. Strategic Metal Trust If 


01-2*89646 

£T:J IS 


KWnwort Benson Group 
20. Feirttoch SL, EC3. 
Guermey lie. 

Bo-Aenan. _ 

K.B. Eurobond Fd 
ICB. Far East Fd 
K.B. Gilt Find — . — 
K-B.lrt-Bd.FA Inc.. 
tea lex. BA FA to 
K_a IrtL Flax).. 

K.B. Japan FmnI 
KA-SterLAteFd 
ICB. U.S. Gwth. FA 
S19M Bermuda... 
TransstianUcFA. 

Korea International Trust 



Strategic Metal Trust Mngrs. Ud. 

3 HW SuveL Douglas, I0M 0624 23914 

Strategic MetalTr. _.JU3J6.96 0.96ft | 1 - 

Stronghold Management United 

P.a Box 315, St. H«lK+. Jersey. 0534-71*60 

Commodity Trust 113608 14305) .... J - 


Surinvest (Jersey I Ud. 
4, Min Sl. Oougbs, Weof Man 
Copper TruS 02Z12 


062423914 
12.751-015) — 


Pond Mnu Korea Invest. Trust Co Ltd. tsb Jm^y 


TSB Trust funds (C.l.) 

10 Wharf SL, Sl. Heller, Jeriey (Cl). 053473*94 

TSB GUi Fund UA._g60 89 JM I 13.70 

ISBGHtW(Js^L«.®J »to) I 13.TO 




Co. 

043656101 


NewteHPtaoe,LnenML 05X2274422 

RpyrtShWdFd — Zt2224 2J5J) .....4 - 

Save & Prosper Group 

4, GcSLHrteri% UrtAv BOP 3EP. 0X5548699 
Global Byrty tod Iz).K72 5001 -0J — 

BaL Iw. FaE tel? 1%3 -12} — 

Progeny FA* B*7-2 2blS| ..-J — 

GOT FA. B»9 jW^ — 

Deporrt FAt. ~ 

Man-Pte.- 


CadiFlnML_ 
ftte Mm 


0-9305*74 ttn«e£FMd 
■ — I Z maeftdntL 


Commercial Union Group.' 

SL HetenVl. Uodershaft. EC3. 0^037500 

afrfifB=ksi*5- m = 

^ 1 “ W>ld ~ 


MU Samuel Ufa Assar. Ud. 

NLATwr^ AddiscorahefM^ Cn>*._ 

WlttL.. 

intecuatkinai Fund 
Drtlarl 
Capital 

loounr 
Property 

Property 


ConfadenUim Ufa hrtara 

SG Ctuflorry Uoe, WC2A 1HE. 


Co. . 

0X2420282 


Ovtdl - 

hwesonsoL- 


= = SSST!=d m )3§l = 

1 Property Inft 

1 DaAmxn. — 

] — _ Etoteirtt- 

’ ■ - Do. ACOBTL 

■ Gtt-EdgealnH. 

Da Actum. 

•.C ui rw A eed Wft . 1 

SSe^SS-StEZE 

9= m m = 

S3 Z M oelwnt investors Asfcaeoce 

3D8 — tenfl Hom e, 233 wgh SL, Pqxfaa 0X6069171 

«• — -_j — ■ Pnxg ity Ptr v— . .. "~'E| 

+o3 — EtotyPero ^SZ' • — 4 - 

+07) — • Money ltoke r _ »J| — 4 — 

+14 — itoyMkLPem— gU . —4 — 

+^ - .Dg«L- ^ g| — j — 



1693 -ZJ - 


ILK. Eaohy 
MrtiVWU. 

GOT Edged 
Itawy.— 
International 
FfcsaJ_ 

Growth 

Growth Acc. 

Pens. GOT Edged to 
PeoaGtApepLto 



Ca n t meut ri Ufa Ins uran ce PLC- 
6*170 High St. Croydon CRO 9XN 0X6805225 

tesUr w c £.ffli «l±ir 


CflmWi Insurance Co. Ltd. 
%Con*»,EXA 01-6265410 





SSRsFS, 

ISSSHSSS 

Imperial Life Ass. Co. of Canada . 
Imperial Mouse, GoHdtaA 71255 

=T= 

Secwtto.™— — Ug-5 4|Hj --H 

EtotyFudd-r E!?i Z 


Credit A Cotomeree Insfawcc 
120, Regent &,UmtepWlRSFfc 0X43970BL 
CC 3^esHFn4-^-aMA ■ HfiJI — J - 

I 


m- 


Irish Ufa Asswaoce Co. Ltd. 

-0M06S401 

6JHeCldplto*26 Tnk B*- 71 — 1 — 

ssea^^ra- 

BSlJHsMS?- 


jneFwd 
Fund 


l£^«-zr 'SB z 

fS^^T±=z if :::: = 

a fez rr B = 

frart-CorrenCy 1M-9 — — 

. DaFte. — 

Index Linked — — 10" — — 

MMfiple HMlth amt Life Anv. Ca Ltd. 

" | ”-ij — . 

M^iaMwaoed |UU — I 1 — 

NEL Pensions Ud. 

UatsnCrtal.toriBnBbSwte 006837766 

NriexEACap. 0^4 ».3 U . 

Nrt»c Eq.Acxw!L— -g§M — 

Nrtes MoneyCap.-— fe.7 653 —4 — 

NrirX Mob. AcaHOJ BM) -_.J — 

Ndex Oh to Cap — g93 ftjJ _.,J - 

«eto(WiJneto__gaA W.g — — 

NrtMxd.Fd.Cao. — BL9 57-fl — 4 — 

Nd Mxd-FA to Z>7-| 7LO ...J - 

NriexDapteiCrtx— 6&g — 

rtelexDepffllitos-^g-' g-3 — — 

Nri« W.FxAh*. topl56.7 SiM — J — 

-Netex hAFteSM. to 
NrthxfKULSecs£ap 




Schroder Ufa Qroqp 

Enterprise Hcum, Portmorth. 
FbcS'lnl ^79-® 


OwA HL2 U7J +0.9 — 

cSS^tedEZZI m-7 oa.1 +I3 - 

!^SS£t=§| z 

Income Acobd. W2. 1B.9 -2J — 

Cxtol——. 10X8 107 J —0-1 — 

Gemtvl 115J 1ZL3 -0J — 

fS&wSZZZZ UL* ^ z 

Amratai_, UR-1 1161 roLd — 


zsr.™ §8^ z 

SSiP«»«to-167J) 175.9 -S3 — 

^Sa Pen. cap. no.9 30A -44 - 

MgAftoto HAD 4*U -7J — 

FlTrt.Pen.Csp U9J 12U -9.1 - 

^31 z 

j^^zz^i z 

Prqx. Pm. to. — . P0? » _ . 2 33W *03 — 
Pra*5 aro far me Series* April 7 
Mi fartAB Series 8 fart 6. 

Scottish Amicable Investments. 

P.O. Bex 2StCrtogfart)|, Stirling- 07863341 


Mcntoanrt 


JHiSz 

a = 

1304 +14 - 


J — ' Exenpt Eg. In*. 

OO-Acnxn . 

ExenxX FxA InL ML 
DOLAccum — ~~ 

906883766 

•== .“ . Exempt Proa to- 

-92 — Da tom. - 

— — Exemx Cash tnft. 

"Z1 Z — 

- Scottish Mutual Assurance Society 
Z 109SLVkwrtSt,Ste9Bw 04J-24BK21 

= = feaaSfsW H rJ - 

z:: — Scottish WfafeHts' Graap 

POBuOOZ, EiJrtxirt\ EK16 5BU ®X6K 6000 


Tyndall Asswance/Peradons(aXbKc) 

IB, Canynge OTxaA Bristol- 0272 732241 

srfc=z= 

ffizZ-EZZEEZ 

Property--- 

Overseas Inv 

UK Ira* — — » 

Depcail 

Maa Pen 3-W 

g^ZZZZE | EE.J- - 

•S?»C£=ZZ Id z 

VBabrugh Ufa Assurance 

41-43 MaddM SL, Lda W1R9LA. 0X499*923 

ms« = 
m d = 


Vanbruoh Pe n sions Umftad 

41-43, MaddaxSL, Ida, W1R9LA 0X499490 

ej^zzzzzgS! ®zziz 

nSdimereu }£« -- - 

MdStiSSedsii— 963 10L* -Z- — 

Guaranetd li25 -.-4 — 

Windsor Ufa Assur. Ca Ltd. 

Royal Atom Hue., Sheet St, Wntoer 68044 

i mm a r Urtu UW3 UA0 — — 

taunt Pm Urits — JTL6 1M5 — 

Hex. hw-Groatti-— • 1ZU) — — 

Fvtee Afi*J GimIi - 20000 44.00^ . — — 

Ret tod Pen. GZJt I —.4 — 


OFFSHORE & 
OVERSEAS FUNDS 

AcSg investment 

Postladi 7tta BOOO.Muwdi 3. Trtm 5^269 




Cnscont Ufa Assurance Co.. Ud. : 

14 New BAtoe street EC4V 6AU _ 01-3538931 
OTmmrtftoii 

ySTSSy 1 ^: 


NPI Penshte Man^eramt Ud. 

48&iwte«hSU BX62342D0 



IQM a »«BM PLC 

Bead Fa Exempt — |B0J2 


. flew Ti1~hiT sot Brit. Utsce. PLC 
01-6235433 WMurtHamSouHwMSSaaiS . 0702629B 
•2J3 )+QlB 7) — nMKevtnaPlwi ■*““ 508 ' 1 — 


i MriM Ufa Abut. Co. Ltd. 


I to; Plan _. 

stwir 


II r 



irw.PDLl«arar31 
Inv. Pet2MHOl31 

liWLCadiMwOiSl. 

Mixed fund 

EquhyFtrtd 

Fixed I rt- Fund 
Cam Find— — _ 

Pm. Mixed FA OrO. 
tas. Badly FA fart, 
pens. Proa FrtfaA, 

PUB. Ira. FA fart 

Pera.Cad>FAfaA_ 
Ex. IL Mareti31.— — 
Ex. IL Inc. MwthSL 
Peas. Man. Acrti6 



_ ABsany Fund ManapeOent Unritad 

— P.O- Bar 71 SL Haller, Jeney- 0S3473983 

— ABWvBFAia) IUHWMliaSSr 4 216 

— . Mm dMlng tort IX 

— Fw Ataanw Art *e Uey* Bw* M. fawmey. 
Z Aflen Haprey A Ross hw. Mgt (CJ.) 

— 1 Charing eroar,SLHrttr,JrtvC.I. 0a94-73tKl 

Z 

Z AMotic o Intel Mitiiwirt Doltar Resera 

z ^asifeBMi 

— DMrtudon tool 17 (OOOC871) fUM pfl) 


77.La n de n WWLLondw.EC2- 0X6283200 
WtoKteter OuenWed Urt NAV Fee USS2SA1 
Winchester Overseas Lut NAV Fro U5S953 
winchester U.S. Reserves Ud Crarera yMdX36K. 

Dreyfus I nte r couth rtir tal inv. F«L 
P.o: Bov KJ712. Nassau. Bahamas. 
NAVMvehSO H3SS&X 2691] — 4 

Duncan Lawrie Inv. Mgt Ud. 

Victory Hse. St Peter Port, Guernsey. 0481 28034 

aste-zzisa. m-\ & 

Qmxm « Dodtejr Tst Mgt Jrxy. Ltd. 

P-a Bor 73. SL Heller, Jersey. _ Q534739S3 

E-D.I.C.T. 010.9 32051 — 4 — 

The English As so ci at i o n 

4 Fore Street, EC2. 0X5887061 

EJLInooroeFa • IttJL 7.44 

e.A.Sterin*r__— feAOT n-Sgt«a — „ 

E-A. EaJty* BttSB L99 

WOrdpte Cm. FA ' -.£578 lh.G&i ZE] 3.05 
-tfart ttexhng to) 1A "Nb t»A tort 30. 

Ermi liiye M ana g ement Ltd. 

GrctwWe Use, SL Heller. Jersey, C.l. 053*76007. 

SS£==^ = l:d = 

Brotumd Ho M ngs N.V. 

P iete nr ml ISk VMeneUrt Cnaeaa 
London Agent s : hrtWUfcrtipa, London EC2 
Tefc 014W60U- Tetec BBl&te, , 
EflroMdgt JUSMUB ZL26J . — 4 9 SO 

SJL Earope OMbiBib SJL 
9. Avenue dr teUtaria Luxembouro 
London Agent: FFS. Sjfabnj Hsa L ondon Y Mt 
EC26I 5TA. Tri. (3-920 07fa f3ex 807281 
Emoe-Otdlgacioits—I USS4385 MUrt 3-87 

Eorotaz In s ratm e nts Ud. 

L Athol St, DoogtBS, we rt hte j 

UK Agents FliaTAtows. 0727 33166 

Eurotax hm. Find — DOW 115.*) 4 - 

F ft C MgmL Ltd. tnv. Adrism 

X uraronce Poxsney vfla, EC4. Ol-6Z3«6B0 

KiBSSWJ Id a 

ftte Sfcreh 3L Weekly dNBogs. 

Fidefity MernstionaL 
8 (kmo nrtg House, Queen SJ, SL HeOTw. 
JWOTy,C.l. C63A71W6 

Americ* Assets U5SS60) IrtUB 1« 

to vas. Cm.Pl, S3 1 ^LOO 3.00 

AwwtanVWs.com 1 '. $Si>6 — 

Australia, USKr_-S0 ■riUE - 

Doito-Savrags Trust, US$9109 riUM 1181 

F*Eaa IOT567 -037 078 

IrsetTBUorai™ USS34J5 *Oi& 0.72 

Wzzzzz: SS « 

GmFtKia hzj. 223J . Z4 Mjn 

-Prices a Aprii 7. 

Ffaming Japan Fond SJL 

37, iwlUrtlBK. 1 mmtrxag 

Fixating AerU4 1 USM7JI0 I ..._4 - 

Ptartfat Tnat I medmiL -WiH 

Mfctemxi X M000 ftatidrtt 

ftSrtdLBfekLFaZKK* 5 lH£Szi! Z 

Free Mfarfd Fund Ltd. 

B u derfleM BWg, I tt u Mi cm . Bennata. 

NAV Mart* 31 ) US$345.09 1 ....J — 

GL T. Mwegaron t (UJC.) LbL 

mol 

'£ 2 £&&! ar - 

Anchprtm.Rl 

Barry (teePrt 

BS*s= 

G.T.toB* 

G.T. Sand FunO__ 

4LT. Dcuar RL____ 

GLT.DOTCSWaJPd. 

&t. uwero f3EE__i. 

Sr.J am iS H — faa.- 

ssssaa*- 

e.T.A Mtftu wtii 


NAV won 6958.90. I DR value USS9630.00. 
The Korea Trust 
Dachau Investment Trust Co. Ltd. 

FKI Budding, 1-124 Yoidadonq. Seoul, Kbrra. 
NAV Aon) 13 (Wot 10,996) (USS1521). 

Lazartf Brothers ft Co. (Jersey) Ltd. 

P.0. Bex 108. SL Heher, Jersey, C.l. 053* 37361 

t£|£i£lfrzBI]aiCfle«W 34 1 S8 

S:§S:!!5:SS|-e® =T.b3» 

Lloyds BV- (C.L) U/T Mgrs. 

P.a Bex 19% St. Hellier, Jersey. 0534 27561 

WTa ^■ t iX 3 <at eA2ti 0 ?■■■■ , “ 


TSB Guernsey Fund ..157 j 6051 ....l 5i 
Prices m April TJUext at £yApn> 14. 

Tokyo Pacific Holdings N.V. 

Intiwh Management Ca N.V, Curacao. 

NAV per rtar* April 5. US57B.99. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
Infanta Management Co. N.V, Curacao. 

NAV per Share April 5. US$57.64. 


Tyndall Group 
2 New SL, SL Hefler, Jersey. 


0534 3733 U3 
ffl -..I LW 


053427561 

-- I L» 


ar Eastern toil 1 

Aceum. stores) 

Frt March 31 
NmvJ. Act. Urt) 
ih Frt March 3T. 
l Accum. Stares) 


Bf Mao. 0624 24U3 
gU|..^ 14.97 


Lkrjds Bank International, Geneva 
PO- Box 438. 1211 Geneve II (Swtaeriaad) 

™ Kg 

Uayds Bank international, Guernsey ManagraMarl 
P.O. Be* 136. Guernsey. Channel (stands. 

UM - r %sij£ s &s,A - J - j gSESff 

Look Dreyfus Commodity Fund 

cm Trustee, P.o. Box 109a Cayman (stands. SSwEi ™ itolt: 

Mirth 26. Value per Unit U5S5J4122. ScSc irtl itoiaZ 

M & G Group 

Three Quays, Tower Hill EC3R6BQ. 0X6264588 **- (Jersey) Ltd. 

Atlantic Ex. April 6 
Ausuahl. Ex. Apr. 

Gold Ex. April/.. 
fAra nx- Untol 

(AcctenTTitiei) 


P.O. Box 426, SL Heher, Jersey, C.L 
Ortac — | - VSSIOJNK ....| — 


Managoment tatarnatioal Ltd. 

Bk. of Bermuda Bldg, Bermuda. 809-295-4000 

tfcttWWJ W. \TiSm 

Prices cn Apnl Z. Next deahng April 8. 


, Thragmartoit Are, umton. 01-6386111 
run Invest. Firad ... |Wit% 7r 58J0|-D^Z 


Prices cn Apnl Z. Next denting April 8. 

Midiand Bank Tst. Ctsrp- (Jersey) lid. 

28-3*. HID Sl. St Hriier. Jersey. (634 36281 

S£-fi5S2?life K a* tSffl 7 ® 


,7_ Unkm-lavestment-GeseHschatt nW 
12B0 Postbch 16767, D 6000 Frankfurt 16. 

Uiufonds IDPIS to 163CT-0W 

£L 8S& 


V.CJL Finudai Manage me nt Ltd. 

4^ Essex Street. London, WC2. 01-3536845 


F«£AmreieFd.SA. 
F. iC. Qrieocal FcL_ 


— ■_ na _ n,. m.. - n |„ ■«-. JURV vn»n, nut. vrniww 

Nnwas, Oils Res. Bus. Fd. Inc. PanAmer. O^Ftf._-lUSS4E5 36.501-003 

PO Bo. 194. Sl Heiter. Jersey- 0534 Z7441 PS^Sn Coorm & W see v.lS. FuSkM. 
MORES April 1 lUSHOT 92UJ 1 130 

Suinei Montagu Ldn. Agents Vanbrugh Fund Mngmt. hU. Ltd. 

114. Old Brand St. EC2. 01-5886464 ffl-34 Hil lfa. Si Heljw._Jersey. 0534 yon 

AFIT En. Anvil 5.. IPS) 1 S0.7I VaTOnrt 1 fiterifncy Ftf.JUli 111.7) 1 936 

5525 +1.75 249 

_Q* s. G. Warimrg & Co. LW. 

7M — 30, Grtstam Sireeu EK- 01-6004555 

^ m i K SaRAgScUaPilrsn £n 

^ ^ Meet. Moy. April S 1 - 


ApoUo^U§*Sl7 
Japf«Mar5(31 

117 Jersey Mar 31. 

U7 jsey. OtL Mar. 
117 SHg. Res. Apnl 7 


Murray, Johnstone (toy. Adviser) 

163, Hope St.. Glasgow, C2. 041-2Z15SZ1 


ftSTluritoroa-l USS3BZ 1-022) — Mere. Cwm- tori 6.-IQM6 

Hal. Westanhnter Jersey Fd. Mgis. Ud. BmhTsihSli l.. "Mb7 
23/25 Broad 5L. Sl Heller, Jersey. 053470041 SUTUd. April 1- — 00 71 
Nigh Income Fund 143.7 45.(M J li» Mere.Tran.Aprtl2.-ffi.ro 

EnrthFvBrt 64.53 +tgTto 

‘ TOnaUWBl W-M- vS? ® ? Wordier Investment Sei 
«s a ^ ^ dd. Floor. Huttrtsoo House, 

10a Bouiewrd Royal, LuxemBowg AsTpljl^M? 

- 1 J - «« 

^ PBrt, SS aW * “ World Wide Growth Ma 

fifrz: - 10», Bouinanl Royal. Luxm 

SterfUfl Managed .— ^ ~ fi u J^E 

lial. Fixedlr^Bt— p0.7 76d .... — I*. Ady,: M. & G. tar. Mi 

IntnL Managed pLD 663 - -J — 

North gate Unit Tst. Mngrs. (Jersey) Wr w.Comw odlty Mur 

P.O. Box 82. St HeHer, Jersey. 0S3473741. ““S* lBM 

Pacific Fd. Match 31,| - USOUM J - SKSftw* - — 

Pacific Basin Fund fteckxn Metxi FottiE ® b 

10a Bortnaid Royal, Luxemtourg. rS2S d cSl3l'S , ~ rftfe 

■"^arriJfESuLISLr 

Phocrris IntenutionaJ unTrc 

P0B«»7.&.P««rP* k Guwt , .__(Wa 26741 prices xra 
JpWr^DrttarFiHrt. 

Far Eaa Fund..,.. 

aSfs'Ka 

Star. Exempt Gih Fd. 

Providence Capitol Lift Asa. (C.L) pr em ium insurance olafe* 

PO Box 121. St Peter Port, G 


Select »: March 16 .fySOLU li-57| .. ...] — 

Warhurg invtsl. MngL its). Lid. 

7 Library Place. SI. Heifer, Jsy. Cl 0534 37Z17 


ry. u?e nv 


RWta- I WH.ApHJ NibIi 


q +1M Investment Services Ltd H 

4di Floor. HukMsmi House, Hong Koag 

, j_ 

1 H WMtey Japan Trest-IusSMa 1493) . ..ij iS 

5 WR , C -1 wortd Wide Growth Management* 

« :::z — 1*1 Boule»Bnl teyal, LuxemboiM 

3 - Gih Fa USS1L41 |-0jB3f - 

| .... — Ady,: M. & G. tar. MngL, Lai, Imho, 

(Jersey) Wren Commodity MuagnMfit LW. 

053473741. W.SLGfwgrtSL,DBrt»asloM 063425015 

■ J - SQbSKmK=H M :: 

Preckxu Menl Fund, lifl 6 195.7 ... — 

™ . saia^aiis is - z 

Wren lad. Fnd.» [USI0.956 07^9 _ 

oonxni _ . NOTES 

roris Prices aie * pm* aims oumrar uxnated. 

3 “ Yields % (shown M Ms utamn) allow for all buyina 

n rwrm a Offered Brices incMr all espensrs. 

8 _ h Todays prices, c Yield based on offer 

U ..J. _ d Eahnawd. $ Today's oprrtng price. 

6 OntriDrtlOT free el UK taxes, p Periodic 
(C.L) premium insurance plaits, i Single prrnnun 

0*81 2672619 aBurarn*. x Offered oner mdudK all expanses 

N J — except agent's coomiaxM. y Offered oricemdudej 

9 ..._J — an expenses if bourtAttaouMnunagm^ Pmrtous 

S ""-4 — «**>, J**-, 5 wwraiey * Suspended, 

y,- tehre Jersey n». t E*-futxfirision. 

g April 7. fa Only avrihbie to charitable bodies. 







Five to Fifteen Years 



yt. 




ItT 



Ofk Low 


10.70 
MJ.7 

HPsl+V|133Z| 13.90 


Exchequer 10%pc 1 

Over Rfteen Years 

7D%|*% J1262I 13.52 




3t 


i 


Undated 


32% 1 27% I Consols 4pc 


99% 

47 % 1 uo.zpcix.-aat 

Do.2pci.L,-% 


TT-r 


iy 



Caerpllbwii ... 

Chase M'lrniSliS 



rr 




7.9 uh 
35 167 
23 44 

- 138 

U 43 
9 

a 

47 
M 
105 
188 
40 
30 
180 
39 
128 
192 
74 
206 
84 
90 
185 
2*2 
90 
15 

BEERS, WINES AND SPIRITS J 

2.01 3-41(6.9) 67 

3.9 L8(£« 146 
26 6.0 7.7 54 

— — - 58 

46 17 7.6 23 

19.9 tt.7 — 114 

4 36 4 530 

2-0 7 8 85 525 
21 56 93 27 

25 7J 62 139 
31 3510.9 
66 18116 
29 7.1 66 

26 86 56 





13 

28 


416 
66 
16 
283 
22 20 
94 73 

65 58 

62 42 

125 122 

172 142 

29 17 




m 

76 

136 FMantMm! 
20 Frands Pkr. 
92 French Wer 
53 GaJlrford5p 




£26% £21 
■M, 48 

MS 

130 


to.*,. 673 1350 BANKS AND HIRE PURCHASE 

6«l s+I 1157 14.31 1982 I I U- n[ Db. I jrMI 

83 +1 *29 13.66 M* In- 1 Slock | Prica | - | Not jcNT|&*i| WE 

148 . 

64 5.44 17.60 338 |2I0 [AMZSA1 (220 |*S J <J2fc I 3J[ 78[ 5.9 

39*1 1154 17.90 - i.-, 

330*1 - 2269 


Public Board and Ind. 

66 I 57 V I Aqrtc. Mt, spc "SOOT 58 | ...8 78 M95 

29 24Jt (Met. MOr. 3jpc 27%ri +% U-W 1366 

110 103 1U-S.U.C. 9pc 1982... XSffl 1+2 8.44 - 

100 I 94 1 Do. without Wamts. 100 l*h 952 — 




Lowell (Y. J.j 


90 
187 
£77% 

123 103 
195 156 
44 40 

126 89 

97 79 

180 B4 
44 35 


29 I 22 
482 
580 
347 
178 
36 
570 
61 50 


18S 168 
55 46 


180 153 
66 50 
33 20 
160 132 
113 84 
203 177 


172 
96 
94 
BUJ 38 
114 48 

16.7 138 

(64) 134 
- 82 
56 40 

7.0 19 

m £8 

m i56 

330 
245 
100 
188 
51 
288 
230 

MB 375 
T 70 
* 57 

£3 KB* 

17.7 52 







42 
51% 

28 (Forward Tech. 

Fujitsu Y50_.. 


Minimum £25,000 value 

TRADING LINES BY ARRANGEMENT 

Dealers; Tel. 01-6263515 
Telex 892807 

RIGGS LONDON BRANCH 

THE RIGGS NATIONAL BANK OF WASHINGTON DC 
S Laurence rbunrney Hill. London EC4R OAT. 




HO | 93 |W)mpey(C«: 


% 




PT1 


V 


OA 
20 

84 I G3% 
53 136 
U.9 87 

> 12 
310 
205 
55 


25 
£51 
7.1 532 
8.6 

7.6 225 
94 218 

” ms 

36 
140 
435 
253 
110 
315 
•16 
930 
115 
533 
69 
53 
53 
365 
4 85 
129 






600 
186 
74 
32 

02% 
£30 
130 
U9d 
12 
37 
£90 
£89 
113 
67 
62 
36% 
78 
42 

a 

137 

1302 

)30d[ 65 
i50pJ222 









22 2 [Tomkins F. H.5p 

30 [Triplex F’dries . 

146 [Tii* Invests. £L 


7B 70 

173 60 I Vickers £1. 

25.6IJH Wctor Products 



155 132 
65 63 

77 66 

26 10 
11 8 
63% 45% 

64 53 

la* i 56% 40 

3? ^ 3 i.-ta.srt 

“■* 282 74 

8 6 
28 21 
76 72 

27 22 

22% 16 


84 
53 
15% I 14 
73 I 57 
234 
229 
£15 £12% 
263 218 
64 42 

55 37 

146 127 
52% 44 

a a 

3a a 
2M 170 
62 


167 
625 , 

30 23 





r.t 


27 

146 118 
120 99 

138 130 
64 «6 

21 15 

136 78 

£17%Q4% 
31 24 


37 32 

56 / 44 


4.7 U 

warn 

-115.1 
7.4 






107 78 

100 66 
126 111 

84 71 | Eastern PrML SOp. 
120 105 |EU»rJndS. 50p- 

70 


Ernhart Corp 




I 


If 



Barker 8. D 
Barr (AG.) 





ENGINEI 

MACHINE 




5 







,42 
145 
007 

„ oh 

m 74 

1 $ 
§1 s 

£ % 
119% 94 
46 31 

64 47 

55 46 

140 100 
192 1W 
25 13 

58 45 

182 78 

126 U2 

65 54 
247 
118 
173 


& 


-?■ 



if 
































































































































































































































• l 


ih j: 


,! 'e s ■ 




'*•». V, 't" 

.;. 1 & 

• . : :«| ,«A 1 


: iv 

'itft 

r ‘S 




I *«■ III* 

; s>, i fV .:i 

■ . ■ [ $ >■.■ 
. iiijf 


hk; 


• If *\ 

» .:?rS 

■ ! j ’l,,* 


i: 


. I'.*--" 






. .. •. « 
-i’j 

■ ., ■ J*:? 


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:l 


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■ .*»•; 


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If ■ 


i»: 

. '*•! 





.-9S 


^l^anUal Times. Thursday April 8 1982 


35 


. m- 

Wi: lav 


INDUSTRIALS— Continued 

f. *■* UMftUS 


41 

isz 

310 

■g 

-S’ 

138 


18 

V 

50 

102 

9 


40 

J3h 

164 


35 
83 
32 

108 

49 

36 
48 


37 
£234 
138 
190 
■ 130 
21 
15 
11 
25 

£132 

129 

56 

50 

£41 

36 
34 

37 

‘W* 

125 

320 

15 

OTij 

128 

218 

97 

68 

70 

17 

80 

29 

475 


31 

9. 

59 

542 

262 

76 

168 

•971 


S* 

& 

•300 

153 

- 31 
286 

:iiu 
193 
•; 86 

- 9b 
23 


fi 

40 


(255 

41 
54 
39* 

38 

g* 

12 

35 

39 
92 

36 
3 

6 

36 

_33 

"ft 

"ft 

28 

67 

53 

95 

42 

29 

9 

28 

003 

(170 

1132 

1109 

16 

n 

7 

& 

f 

41 

20 

23 

30 

f 

f 

86 

66 

48 

30 

66 

25 

27 

J 1 

& 

tin 

80 

51h 

S2 

11412 

27 

83 

76 

17 


tbnSneM.$HK 6 

i*tospnOrw.» 

(Kaiaitijott U)p 

lKeiseyfmb — 

kwiWfSffl.iflp 

SxnEL 

Lac.iiri. 10 p 

lawtex 


Lesroy Prods. 
UOcshaftlC 
Lwl&Uv.: 
|lwtto&HL_. 
Un. 4 Kfhn. 6 rp. 
tUftPriv-flahhl 
Long Hrairty. lOp.i 
Ungtoahxfc _ 
Lonsdale Untnst 
,Uw4Booar50p 
MY. Dart. lfti. 
,nvrtt»pb.ap 
MacfertawGp. 
Madeflan20p_ 


505 M24 


U*fl«fs.50p 


[Up Gnugi lCja. J 


MagnoKaOrow 
Ul £1 


Man-Shg tCaU 
MaHey.^H 


Ms»tFvB(ack_~ 

SSfmmfktc 

“WMS. 

Metal Box EL... 
Metal Closures. 
l Me®m*eJM 8 ipie 

Mtttoy 

. DaDefd. 

Mobenf 
MVwto 

SfetoCAoibCjlOp, 
fcrtGLFJSecs. 
Jf.C.R.4%93«8 
Retl&Sp'noerlOp 
New Equip lOp. 

No«on 

toreros 


g iSeet-., 
«w 121* J 
RaCv.J 
Milter fad* *AfJ 
fPatSj i WWtes. 
Peek Hokfinps- 

, Peerless 

PenttendlOp 

PentfowlOp . 


Rente It 


PetrocooBI 
pwnips Patents J 
|phcto-Me 5QM 


c Coast. Mfc. 


PWOgaw S^ , 


Mvmwk 

. 

g riLStoJ 

'cS-" 

asw._ 

OOplOp 

Metal- 


Rank Ore— . 

tt&Coimn 


RecWtt 

Redf earn Glass: 
Reed Exec lDp. 

Reed fntf.£J 

Relyon PBWS_ 
'Renown Inc. Y50. 
Romidc&wp. 
[Rrftroor 


17 

82 

55 

2 » 

207 

11 

26 

195 

M7 

17 

-113 

225 

64 

54 

162 

E29 

MS 

S’ 

230 

227 

227 

227 

248 

74 


176 

J S 

82 

304 

.113 

372 

30 

20 

393 

S3 

95 

MO 

_36 

102 


■ISSfiP- 


46 
71 
84 
1 30 
Boo 


195 
187 
. 40 

I 

*8 

ELR, 

•P 

107 
- 6 
40 

I 

49 

228 

BO 


92 

71 

27 

Hi: 


m 


105 J192 
63 
MB 


52 

670 

epi 

si 

23 
106 

24 
66 

■* 
16 
130 
. 39 

& 

J* 

69 

85 


64' 


2%m 

.. so 
■* 

I 
68 
25 , 

.T 




. SmitMNephJOp 

S0 Smiths lnds.50p 
24 SoftcLaw20p- 

». 5omlc 


JSPWU.'N>- 
(Sprtog Grew — 

8 g.JQKCwMPifQ 
sFurodure.- 
Flmmrks. 
Ind._ 


ffStawlcolOpJ 
Camp. lop. 




hio 


IS 

po 


IS 


4a 
58 1 

tei 


47 


RHHWOft 

Rkarda^ 

For ffitet Li 
■“MwlOpf 

E ire. 

M»Up 

HWgs._ 

UO.-H*. 


•■"■I “rtl 

Ha 


-.1 8 5 


10 
52 

43 
1 M 

95 
7 
24 

b* fc»eH(Aji* 4 138 
W RymfLTBp,J|j5 

, 86 SL 

B84 Sale 

44 S**rtMLlfe.| 

X. SaisereGrpL 

®.ISS-SSsl 

86 Scotcras. 

30 ScoCHeritafait. 

.53*8 SearsHWgs.— 

182 Securioor 
180 Da 'A* N-l 
185 Secwfty Services 
MZ Da ‘A’ M-V . 

&I 7 SharoaWtfe20p 
, 72 £SheMoaJaRrol 

183 )a«swGronp50|4 

-S3 

76 BSm*J 


g^Jngl«fc^ 
■■■Serr-H 


SveMUKhKSO. 
Swht Pac. A60c 

arttatt 

4U latbm(5p 

87 . TSLTTi’raal Sjmd . 
5 Ul Times Vn.5pJ 
37 ThW Mlie Inv.i 
TNT A50J50 




nooutaia 1 
fTojie 


Trafalgar H.2DPJ 
Transport Dev.. 
iTiMMCMplOp. 

Tritfus ■....■■ 

Tuner A New. £L 
UKOIrttL 
... UflOever 
£18% OoVN-V.FU^ 
74 UritedGral; 

15 0. Guarantee 5pJ 
|150 United Parcefa . 
24 Uno ch r n melOp 
50 Valor 


Vtaertipp 

VhKen Grp.20p 
12 -WRftboaiMp, 

(100 W.G.l 

32 Wade Potts. lOp. 
WaJta-Hmr. 5p„ 


VfertifT.WJ- 

Waterford 5p _ 


|412 IWMstenr’S 

62 WatoaR^K.IOp 


178. |148 [Vteta BpardlgJ. 


]WUtU.iLHH 
■ wtotnau>R*flgHj 
56 [whltecroft 

l&id 


*a fcr^ 


*Znpi0yn-5p. 


+5 


30 


— I « 


+2 


3 


its 


9.38 

nan 

5.7 

8L3 

01 


14 




14 


sfu 

TW 

J 6 | 2 | 44 


2.7] 7 8 6 J 
_ 64 
3Jll 2J17JL 


1L93 




54 






M4-K2ZJ 


MIA 

3.7| 4J 73 

53T01 
52 113 
43 9 X 


3J\ 




OJi 9.7 CUJ 


lM 




LEISU RE — Continued 


Sect 


Price 


M 


Net 


(orlcrtlflE 


P RO P E RTY — Continued 

M 


Stotfc 


Mb 


a*. 

Net 


rw|«lw 


IfaMneBiaalQp 


topwMfiBTlttU 28 


GnpaiTVA^. 

tfTVNon/Vtg.- 

Horfzofl 

flntasun Mpk— 
lanarULIUSp 
LWT *~A" 

»tapM.«a iu^_ 

Medminsler 10p_ 

ffifccJolm 20 cJ 

Morton & MM. ] 
WSnaaCTpwf) 


255 015 tea 


Photax £Lj«.J_ 
Pleasmama 5p. 
jTBtsy LetemelQp 
[S^ Ho»s.2Dp. 

wTVSWVtglO^j 

tTrtrmTvffiSi 




40 


42 

126 

395 

144 

26 

147 

133 

59 

180 

X 

a 

25 

56 

225k 

hp« 

148sf 

135 

864 


37 

41 

93 

215 

20 

82 


[+3 


l-i 


m*. 


'HU 


54 


426 


22 


6 ^ 


92 
63 

in , 

£265 
020 

» le 

1(123 69 

“ s 

43 

«L 

MOTORS, AIRCRAFT TRADES Iff 




dLO 


275 

tlQJ 

611 

b28 


8.75 
3 J 


dLO 

gcu 

H035 

15 

U4.75 

9*3 

183.73 

08.77 

7.0 


hdOJl 

275 


L7HU 

15 1 U 


24 


Ml 


1 9.4 
ID 

|22 

2.6 


9.IS 


- 378 

U ISJ*, 
46 OT*| 

tb 9. 

**R if? 
K V 
z % 
<V J 

44 156 

3 SlUA 285 
[14.7 
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228 

m 

272 

260 

169 

61 

152 

72 


236 

114 

Mo 

174 

85 

99 

106 

89 

229 

330 

73 


243 

105 

18 

120 

153 

72 


13 

200 

133 

71 

153 


37 

54 

88 

115 

155 


MO 

118 

164 

105 


■J V 


Moray Western _ 
Murray Western BJ 
Negit SJLSUS1 . 


75 Niro 4m. im. TsL5Qp. 


»a 

221 

128 

93 

144 

118 

144 

268 

83 

69 

176 

89 


'4 

59 

148 


470 

£46*s 

A60 

129 

58 
148 
109 
164 
147 
263 

142 

204 

169 

112 

MO 

89 

59 
257 
UB 
620 
132 
173 
160 
114 
246 

34 

109*2 

147 

171 

9 

140 

124 

1D6 

178 
87 

109 

70 

377 

90 
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179 
120 


u 

1100 

ES 

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1236 

76 

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[ 2 M 

Op! 

1 


.New Darien Oil Tu. 
For Newmarket Co. 


72 

90 

221 

250 

94 

46 

77 

55 


+1 

415 


18 

+1 

2.36 

♦ 1 

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—4 

19.45 

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SAS0LR1 

Santos A0.25c.. 


^sssn 


Sceptre 
ISfiaclrtetun Pel. 
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Do.79ipr.a. 

Sibokne. 

■♦Sovereign Oil . 

(Strata OH AS03S; 
Sunmask Pet.... 

n«aca4W%Cnv_ 


H22 ntaer Energy!) - 

Bin Res. D. 


Tn Basin 
Tricentrol — 
Uttraraar— . 
{Warrior RtaU - 

Weeks Ate. 

Weeks ITradtJlCc, 
Da. PI. [Akl) 10c] 
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♦-I H-l- 


t- - U 543 



INTERNATIONAL LTD. 


Roman House (3rd Floor) Wood Street, 
London EC2Y 5BP United Kingdom 
Telephone; 01-€2e-293! 

Telex; 51881397^ iSYSeCGI . 


MINES — Continued 


Central African 



Australian 


10 

ACM 20c 

14 

-2 





2h 

Atw Gold NL 25c 

3 


_ 

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fii 


65a- 

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63 

BaagajrrrlBf 1 Kina 

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154 

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9 



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35 


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17*2 


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14 


17 

— 


14 


15 


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160 

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190 


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. ... 

— 

— 

38 

EreenbuhKTn50e 

42 


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1.1 

134 

Hampton Areas TOP 

138 

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25 

32 

16 


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13 


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11 


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Kalbara Min 20a. 

4 

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Kitchener NL2SC 

68 

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12 


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92 

Meekatharra 25c. 

. 130 


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17 

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U 

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Bid East Mini. NL.. 

5 


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MJncorp20c_ 

164 

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16 



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72 


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56 

97 


56 

97 

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— 

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268 

271* 

140 


280 

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105 

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125 



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12 


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OVERSEAS TRADERS 


155 

131 


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322 (245 
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Aito) Inv 

ANiaxe Inv 

Alliance 7 
Alt (fund lnc_ 

Do. Capital _ 

Ambrose Inv. Inc. 

Do. Cap. 

American TsL'ff 
(Anglo Am. Secs — 
fojtglo-ire. Dhr, 

Da Asset Sirs.-. 


(Anglo-Saa. Inv. _ 
(AroMmedesInc.. 


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180 
192 
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90 
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91 

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Ashdown Inv. 

J Asset Special — 

lAUanta Baft. lQp. 

UiiJamic Assets — 
KtoOect- 

tSaBie GAM Jagst 

'Bankers’ Inv. 
berry Trust „ 
Bis h o pw a r eTtt— 

BorteriSlhalDp 
BnxnarTst.— — 

BrtL Am. & Gen— 

British Assets. --- 
tert. Bop. Secs. 5nl 
SrIL M.&GBL DB. 

| Brit. Invest 

Broadsflxr (2Cfi) 

Bnjraer Inv. 

C.LR.P.lm 

Caledonia Invs—.. 

Cambrian and 

camellia iws-lOp-, 

Can. 4 Foreign-. 

tCanflia) DFd— 

[Cedar Irtv 

(Chanl Is. Into £L 


Da Cap. 

torTnal_-— 


Shorter 

Olid Health £ 1 — 

City & Com. I«L^ 


Do. Cap. CQ) — 

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^LoaTsLOef, 
JQOr of Oxford — 


(Ctaverbotse 50p- 


Colonial Secs. . 
Continent &lnd. 
Contmet49 Union 
Cres’nt Japan 50p 

Crossfriros 

Cystic Fibrosis £1 
Desae(lna)— 

!Da(Cap)2p— — 
lertjy Tst- InC. Q. 

(Dominion l&T 
Drayton Corn’d— 
Da Con.— .. 

Do, Far Eteern- 

lDaVtmnB , 824L 

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[Electre [aaTs__ 

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[fce^RaiSav.B 
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140 

43 

91 


65 

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63 

60 

132 


206 

65 

77 

59 

95 

188 


88 

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| 

9 

51 

95 

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75 

102 

370 

35 

463 

271* 

168 

164 

85® 

103 
185x1 
208 

75 
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272 

76 
81 

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128 

68 

264 

159 

274 

119 

102 

38- 

Wo 

144 

159 

58 

15 

197 

68ia 

465 

96 
95 


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67 (+2 
57 +1 


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113. 


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6.1 

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638 

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71 


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16.97 


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135 (115 




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Da Cap. i 
Da NewWrrts.. 
Tokyo Ire. 5»| 

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Atlantic Sec. 
BriL Canadian.) 
L American. 
Northern Sees— . 
Oil & Assoc. Inv.. | 

iftAwichliw 

Pentland lnv.._ 
Prockxs Metals Tsl. | 
RlT50p. 


Rights & Iss. Cap . 

It5ver& Merc 

(Rhier Plate Def. _ 
Robeco(Br.]F150. 
l)a Swash’S F15 
(Rolinco NW R50_ 
Do. Sab. Si's TO. J 
(Romney Trust. 
Rosed knond lnc_. | 
Da Cap. 


79 

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(143 

151 


„86 

197 

31 

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149 

50 

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MD 

74 

93 

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102 






:aati 


Raeburn. 


+V 


[Safegterri ind . . 
St Andrew Tst _ 
(Scot An. Ire.50p_| 
Scot Cities ’A’ . 
Scot East Inv — [ 

Scottish Idv 

tecol6MereA._.l 
[SraL Mart. & Tsl ( 
Scot Nation^. 
(Scot Northern — [ 
Scot Ontario- 
iScat UttUnv.. 
Sec. Alliance Tst 
geOJrftJesT.Sc_ 
pKtWriM.SUS5. 
(Shfees Inv. 50p— I 
Sphere Inv 


+2 - -1- 




128 


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(SttrilngTa 
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Tedralogy 

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[Temple 1 ... 

Brcg. Growth- 

_ paCap .£l [ 

mtromtrorton 

(Tor. Invest lot— I 
Da Cap.. 

[Trans. Oceanic — | 
[Tribune Imest. 
[Tiplevest.lnc50p 
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Trust Union 

unmeet Coro. 
WSriLSecs 
US Deb. Corp., 

U3, 6 General Tst | 
iVBcferva Resources. I 
W.Cst&TnaslQp.I 
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fWirterbottomSp.J 

WHan Inv 

iYeoman Irrv 

(Yorks. & Lancs — 
YovngCo’sJrwXl.l 


+1 


+1 


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82 


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Finfay (James) 

Gfll&DufHiS-. 


Loorin., 


P3tVon.Zoch.lC 

0a ’A’ N/V 11 


210 (Steel Bros.. _ 


. 24 


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64 


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26 

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86 

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6.9 

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93 

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♦ 

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60 

300 

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86 

21 






72 

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13 

17.9 

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301 

11 

124 

127 


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37 

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12 

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433 

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40 

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433 

96 

50 

5M 



25 

43 

210 


80 

20 

5.4 

76 

+2 

1239 

16 

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w hs mi 


Antal Nigeria lp- 
Ayer Hltant SMI . 

Geevor 

Gold & Base 12>jp., 
GapengCons. 
Hontoeong 

iftfsir 

Janta r 


KamurtJnq SM050. 

[KmiiMhanaiH 


Klllinghal) SMI ... 

Malaysia Mng. 10c. 

Pahang 

PengkaleriZOp.-. 

PttaninSMl 

SungriBesi SMI. 
5oprene Cora. SMI. 


110 pm (TanjonglSp. 


70 pongkahH.TinlSm 1 


195 (Trench $M1 


7i a 

200 

97 

12 

445 

425 

1550 

16 

85 

660 

68 

31 

295 

245 

360 

75 

100 

70 

200 


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173 

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83 

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53 


325 p95 | Messina ROJO- 
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Copper 

225 | I 060c | 52(143 


Miscellaneous 


RUBBERS AND SISALS 


Slack 


Wra 


M fc 


Net 


K fi 


CastlefieUfl 
Cons. Plants I 


Malako«M$l. 




90 


333 

65 


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63 

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240 


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67 

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46 

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240 


♦80 

83 


Q15c 

49 


018c 

165 


10 

14 





Angto-Donrinion .. 
Burma Mines lOp 
Colby Ret. Corp. „ 
Cons. Much. 10a 
}J Exptaiua Gold 
mvwooa rtes. — 
Northgate CS1 — 

RJ3. _ 

a 'bVOuMU’saai 
Sabina Inds. C$1 . 
fSouttwestC. 10p. 
raraExptfl-51.- 


27 

if’ 

240 

5*2 

65 

205 

415 

£97t» 

17 

41 

330 


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+10 


175 


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16.0 , 

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OM 


IM 


23( 


I,' 


133 


53 

060 


-I 


NOTES 


8.2 Unless otherwise iudkatecL prices and net dhMends are in pence and 
53 desmmtnatkms are 25a Esfimaied prierfrarninqs ratios and coven are 
53 based on laiest annul reports and accoune and, where possible, are 
43 updated on half-yearly ftpm. F/Es are l a lc ui a t cd 00 “ret" 


4,4 I dtarawtion basis, eamkigs per shpre being nompuM on profit after 
83 1 taxation «J uraelleved ACT where appliaMe; taechetad figwes 


+1 - - - 


TEAS 

India and Bangladesh 


N405 

10 

29 

245 

[235 

Assam DooartQ. 

243 


60 

L7f 

0.4 

♦ 

101 

230 

200 


225 


10.0 





395 

385 

Lwrie Plants £1. 

390 


200 

19 

10 

li 

3.9 

378 

332 

McLeod Russel £1_ 

332 


1825 


43 

1C 

4.1 

148 

U9 

h 8krO.lt 1WWZ 

119 


8.4% 



hi-95 

1« 

93 

290 

285 

Hnran a 

290 


50 


258 

0.7 

150 

240 

E 2 

Williamson CL 

235 


123 

13 


6-41 


73 

33 


73 


7.4, 


Sri Lanka 


jl24| 425 (395 |Lunuva£l 1 395 |„ 


•I 33-0 | 0 . 9 ( 11.9 


4.0 

M 890 
7.7 602 
L aitpi 
13 125 
23 121 


MINES 

Centra! Rand 

(Durban Deep Rl_ 


(East Rand Pro. Ri- 
ft EsL. R2 


IRafldtaa'n , 


120 prrxmer&JcdcfiOOZ- 


94 (West Rand R1 _ | 


679 

+7 

« 

Ml 

497 

-1 

131 

£24% 

-It 

Q750c 

36 

125 

-- e- 




U3 

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Q15c| 

fi.9| 


inhcaK 10 per cent tr mm* dWrrence If calraXand on "nr* 
ifetrl button. Coven are based on "naxtotum" itatrBxXion; this 
compares gross dividend costs to profit aftpr taxation, excluding 
exceptional proflts/latses bed Inctodtag estimated extent of othetttole 
ACT. Yields are based on ratodk prices, are grott ad lusted to ACT of 
30 per cent and allow tor value of declared dtotributton anti notes. 

• ~T»- Stack. 

• Hlgtamd Lows marked tiu fawn been HQteed to allow tor righta 
Issues lor cash. 

1 Interim since loomed nr resmd. 
t Interim since reduced, passed or deferred. 
tt Tax-free to ooo-residents on appticattor. 

4 Figures or report awaited. 
iD-ll* USM; tint Hsted on Suck Eadange and company not subjected IB 
25 1 same degree of refutation as Hsted securities. 

« DeaH In tmoer Rule 16313). 

If Price at time oi suuenstoa 

9 indicated dividend alter pending scrip and/or risdes Issue: cover 
relates to prwtooi dividend or fereast. 

4 Merger bid or reorguttatton la progress. 

4 Not camparabtr. 

* Same Imertn: reduced fired and/or reduced earnings Instated. 
f Forecast dvldead: aw no earnings updated by latest Interim 

statement. 

J Cover allows fer conversion of shares not now ranking tor dMdemfe 
or reoJdag only tor rest ri cted dividend. 

* Cover does not allow tor shares which tnay also rankfbrdMdMd at 
a Ware due. No P/E ratio reuaMy provided. 

No par value 

tt Yield Iresed an aronpitott Treasury BID Rate stays unchanged until 
maturity of stock, a Tax fro*, h Figcra based on prospectus or other 
official estimate, c Cents, d DMdotd rate paid or payttle oo port of 


16.1 


7.1 


Eastern Rand 


1962 

K* Lot 


Finance, Land, etc. 

«, M £ 


Stock 


cJRIr. 


53 


L0U4_L 


09^ 


82 


1A 22 
Z3 D6 
Hi 5 a 


1 63 
13 
53 
SI 
4.4 
74 J 
63 
BjQ 
53 
63 
5.4 
5.7 
4.9 
53 
24 


U U 


10(13 




13(213 


iM 


Id 




U 


53 


53 


63 


nf.7 


Ll 83 
li 7.6 
14 7 3 

Ifij 63 
li 53 
11 03 
Ul 73 


'253 


124 


10 5-7 
41 33 

11 7.1 
M 3.0 


73 

19243 


U 63 
U 23 
13 43 
13 73 
12 U 


73 


215 

198 

62 

97 

*P 2 

90 

*46 

£75 

195 

730 

145 

*2 

60 

32 

28 

137 

IS 

23 

ft 

56 

£78 

320 

90 

410 

48J 

£151 4 

Q4lj 

1 


'S 

152 

70 

43 

70 

P 35 

i 

|p2 

■10 

1120 1 

li 

p 

N 

18 

95 

16 

37 

17 

55 

I 

1 335 

p«l 

KBft 

p 1 

^7 

■17 

lB5 

204 

m 

£64 

135 

171, 

mi] 


AHicnt Hume._ 
'Akroyd SmHhert 
|Aidteintyliw.20p. 
Bonusbond— _ 

Britanrsa Arrow 
(Centreway TnaLi 
reEnengrRa 


EngTebAem.- 
Exco InLlXto — 
Ex Lands lOp _ 
(Fashion 4 Sen. 5p. 
Hambro Trust— 


80 


Haw Par. S, . 
kt tocTalan 
I nv estment Ca. 
Kalcuak5/-_ 

KeHodc5c 

_Do.Conv.Prf.5p 

totcYe-TsTtorlfe). 

Kwahuldp 

Larao«Hldgs.lOp 
London In*. 5p . 
Lon. Merchant. 
Da DefdL __ 
DiTbtDltelBDe 


M.4G, Grets- 

K.10p 


Ugledic itwilOH 
Marlin (2P.)5p 
MmantifeHoase 
Un. Carea Mi IpJ 
UotToB-TsLlp. 
Mexico Fund Inc 
Nil3.lms.12lA I 

fevrortafelttU 
Parambe lflb - 
Park Pl»e )rw. 
Pearacr (S)* Son 
MlkLPS-U.PrL 
PTE.£4 M>cA«_ 

[5cnltttBros. 

IStrtg Credit In. 
SuerRaPtfm 
ttohixSAH... 
IMCnp&ltdr5feJ 
WefcedL 


51 (Westpaol Irw.... 


^ (Yartojreen 1££. 


lYideCanolO 


-1 


-8 


1153 

1434 


S 

275 

68.75 

0563 

W20 


0.91 921371 


2-4 


_.-| 0.75 ( - I 8.9j - 


+* ‘ ^ -I -I — 


ta6 

M3 




103 



lotted 

-1 

1060c 

27f 


88 

— 1 * 




74 


* 


226 ERG0RD30 

311 

-9 

10200 c 

1? 

2T7 srootvtel2Sc 

<W3 

+3 

W47 n 

13 

447 Kinross Rl 

£&g) 

-4 


13 


9«»«d 

-1 


14 


119 

+5 


1.1 

116 15. African Ld.35o_ 

170 


Q40C 

26 

93 iVbitfemein 70c~ 

108 

-1 

Vk 

6 

U01. VCtnlrelhask Rl.„ 

£124ito 

-It 

IQfllOc 

12 

40*2 (WlL Nigel 25c__ 

51 





capital caw based u dividend on fun capital, a Redemption yield. 

urned tovtdeud and 


f Ftai jtekL g Asanmed dividend and yield, b Assumed 1 

ylekl after scrip Issne. JPaynxni from capfeti sources, k Kenya, 
a Intcron Mgber than previous tool, n Rights tssor pending. 

g Eandngs based on preltmlnary flgives. s DMdrnd and yield exclude a 

W * I mclel PWrnL t Ipdkated dhddeud: caver rotates to pravtows 
I ( dividend, P/E ratio bused on blest annual earnings, n Forecast 

•** 1 iftftftAiri* m — 1 hacMaii fifc i M iMOT^ ■aewhire u T — « — **- 


Far West Rand 


3.7 147 
22 322 | net 
82 5 j I 759 

13(53 


153 tni) 
93(52) 
6.213.2 
27 19.7 


* - film — 


3J! 


£123 j [786 


BIyvoor25c — . 

Buffets R1 

Dee (kraal RCL20.. 

DoorrrfomeJn R1 - 

Driefomeln R1 . 


£35- 


434 (276 


116 


EtaburgfU. 

1 HanebeesRl [ 

1 Kloof GoURl | 

Libanort R1 .. ... 
SttJihvaal50c_. 

Stifforsteirt 50c | 

Vaal Rwfs50c— | 
Venterspost Rl_ 

Western Areas RM 


203 __ 

£36%lQff ) «(Westerii Deep R2 J 
483 (337 (ZamtoanRl. ] 


505 

£17% 

-9 

is 

13) 

15 

153 

2* 




752 

-5 

10335c 

21 


-1. 

g(12fic 

13 

193 

-7 


—re 

108 

-1 

026 c 

4 




U 

fl3Ss 



13 

809 

-5 

tQ330r. 

LI 

041, 

-k 

0355c 

IE 

738 



2.1 

£27* 


0980c 

17 

369 

+12 


16 

166 


PTE1 

1.4 

OAS, 

-S, 

0405c 

22 

<12 

-2 

18173c 



totheCx Dtvttend cover to excess of jra-- nn. yDMdecdMd yidd 
‘ — "■ on merger terms, a DMdend and y. idudeaipedalpqmetd: 

does nre apply to rpectol pavmr» . h Net randend and ytottL 
.i-, . B Pretore nee dlvldawd passed or flefenM). C Canadian. E MM— 
123 1 under price. F OMdetid and yield based on prospectus or other 
1 1 oflidal estimates lor 1983-84- G Assumed diridend art yield after 

— I pending scrip antifor ngha issue. H Dividend and yield based on 
prospectus or other officbl estimates tor 1982. K Fbpaa breed an 
Pro«P*«ws or otter official estimates for 1981-82 M OtvWond ate 
yjeto based on prospectus or other official estimates hr 1083. 

J ? other official estimates 

* l° r - fltoF” toed on prospectos or otter offlcm estimates 

— (or 1962 tt Gross. T Figures auumed. Z Dividend total to date. 

t 5 ? dtetoeod: a ex scrip bwe; *■ ex rights; a ex 

103 ail; id ex capital dhtributkn. 


123 

t 


224 

19J 

* 


REGIONAL MARKETS 

The following is a selection of London numartons of shares previously 
listed omy in regional markets. Prices ot In* teues, most «f vtirtth are 
not oHtetolly Hsted In Loteai, are as quoted ontte Irish exrianoe. 


Albany lav. 2£>p„ 


14.7 BUg^-Ef-SOp-i 
j | Craig fi few D. 


au 

60 113 
5.4 CM 
3.9 10L4 

#iiss 


(150 
£I3J 4 
5031a 
S 5 

jBt 

480 1§7 


550 

£231.! 


359 

£16>; 


(Free State Dev. 50c| 
r.S.GeduW 50c .. 

Hurmony 50c 

Lsraine R1 
Pres. Brand 50c - 
Pres. Stem 50c... 

|Sr. Helena Rl 

'JniseiB — 

Weltoro 50z 

lift Holdings 50c... 



FWayPkq.5p 1 


Sralg Ship, t 
i Brew, 


L9|143 


P^e(afc' 
▼ “■* PeelNldra. 

To mv SteK. RffrShmt 

HSf 


40 

278 

415 

9 

£23 

TO 

565 

115 

02 

K 

205 


IRtSN 


ArtKKL. 


Carroll (PJJ_ 


ran 




7b 

-2 

2Z0 


TO 


90 

1I 

rn } 


36 


T9 


8 


46 



23 20.9 
20 303 
Ll 27.9 
18 26.9 


Rnance 


OPTIONS 

3-month Cali Rates 


8.0 3L9 
28 513 
5.4 6.6 
10120 


975 


OIL AND GAS 


142 ' 

* 

205 

365 

47 

258 

Z75 

316 

9 

$ 

SAfi* 


1 

16 

W 

56 

5 

13 

^06 

S5Sk 


105 

295 


222 050 


|»AmOands20p. 
lArrvil Pet 20 p.„ 
EnwvSOp. 

Antic Res.. 

IcelfvEtolR. 

Brawn £1,.. 
rarb. Borneo J 
(H.Caa.HKC 

BrtL Petroieton 

, Da8%PF.«l 

Bunnahfl 1 


ZB 1145 WXP 


, SO 

as 


1 125 I 231 L6I321 


1+5 ] - I - I - I - 


-5 ^ | _(•_.(_ 


112J5 


I* 34F 


1* 82A 


2025 

53% 


BCjfrf8cfepofi.nl 




BP* 


Afex Corpn. 16f>p_ 
Aw.dn.Caal50e- 

Anglo oner. IDe . 

Areg. Am. Cota Rl 

Anglovaai50c 

Charter Cons. 

Cons. Gold Fields, 

East Rand CoalOp 


(Gold Fields SJL 25c. 
'Jo’biraCons.RZ. 
Wtidto Wt2Sc_ 

Minorca SBDL40 

New Wit 50c. 
Patino NVFta3_ | 

Rand London 15c. J 

Rate Loo. Coal 50cf 

Da Prof. 50c 

■ted ICa Praps fa 

gentrustlOc 

rahrennJnes 2 ijp_( 


W42 (Tanks Coa 50p_. 


(£17 IrSiLCoraffillJ 


92 Da Pref.80p ( 


U£. Invest Rl. 
Vogels 2»2 c — 


23 

02 

540 

£3M 

09 

205 

395 

19 

862 K 

£29 

£27 

500 

37Sd 

X7D 

M3 

76 

35 

16 

240 

355 

63 

442 

127 

CISij 


485 1+10 


115 


“L 

-10 


+ 1 ; 


3 


-2 


+1 


00.94 

0108 c 

Qllflc 

01000c 

tCOOcI 

tlflJl 

243 1 

L05l 

Q175q 

0500 c 

OfcOOcI 

l« 5 c 

rC22C 

1046 c 


»5e 

Q3& 

It094c 


K 


u 


industrials 

4.1 1 AITied-Lyon 

43 BOC Inti. 


,106 BAR. — J 
152 BAtasek 1 

m 

9 A WtUllIH .am— — 

Blue Circle _ 

73 


1 * a 1 Bowatns— . — , 

103 BritAerototte- 
92 BAT. 1 


11. B Brows U.l_, 

9J Burton OriL 

32 eafcnys™ 

14.4 Coortaufd s^ 

_ Drt+nhams 

_ DtstWen j 

_ Dunlap ITT 

283 1 


tf J.N.F.C, 

,r; C«a Accident- 
"■1 Sea Electric. _ 

, 53 fiipxo 

132.0 Grate Met... _, 


5.7 G.IL&‘A' 

7.1 1 Coardbo 


12J173 C.K-II. 


7j 4 I HawSiarSldd. 





London Br«e_J 
Lucas lnds._ 

3SScl^ 

feter- 

R.H.M 

Rank Ora Old. „ 
ReedlntnL„__ 
Sean 


Thorn EMI - 

TwHewt,.^ 

Tubolawst. 

Turner &NewalL| 
U nH v vt i^— 





Diamond and Platinum 




-I* 




Jn-Am.hr/30c4 
Do Beers Df.5c_ 
□a flOce Pf. R5. 
lovaia Piet. 20a. 


£2Ki 


680 

244 

IB 

2B2 


3 


age 
1 0200c 

taupe 




A sefKtion of Options traded Is given on tea 
London Stock Ftftan ge Report page 


to 


Rgeait baits" and "RfgWs" Page 32 

B + K Mil,ta! b —tow* to every Conwy ifeolt ta on StoS 
, * Esctwge ttroagtaotit the United Kingtim fora fee of £600 
23 J per aaroo for oefe s carify 


1 








<n«IH taltM I-* 61 «i A. 


36 


:?vM 


1 

3 

] 

S v 


Yorkshire & Humberside 

means Business 

FINANCIAL TIMES 

On stream On time 
with 

Capper Neiii 

Onsite 

- Leeds L531AD 
Te$aphotfm:(Q532) 444639 

Thursday April 8 1982 



PROPOSED MINISTRY FOLLOWS FRENCH MOVES ON INDUSTRIAL AND ECONOMIC STRATEGY 

Labour studies Planning Department 


BY JOHN LLOYD, LABOUR EDITOR 


THE LABOUR PARTY is set 
to pot a Department of Plan- 
ning with wide powers at the 
heart of its economic pro- 
gramme for the nest election. 

The ■ proposed department 
would take over almost al! the 
functions of the departments of 
Industry and Trade, and a sub- 
stantial part of the Treasury’s 
responsibilities — though its 
precise scope is still the subject 
of debate. 

The TUC-Labour Party Liaison 
subcommittee on planning and 
industrial democracy, yesterday 
approved in principle the key 
measures proposed in a draft 
report which will be issued 
later this year. These measures 
are: . . . 

• The creation of a planning 
department which would “take 
over the public expenditure and 


forecasting -functions of the 
Treasury.” The Planning Depart- 
ment would either take over the 
Industry Department completely, 
or would supervise a new, 
merged Department of Industry 
and Trade. 

• The Planning Department 
would publish immediately a 
short-term macroeconomic plan 
covering one to two years, with 
its chief objective being a return 
to full employment It would 
aim to publish a five-year macro- 
economic and sectoral plan sub- 
ject to annual review. 

• A tripartite “national eco- 
nomic assessment ” covering 
"the use of resources between 
personal consumption, public 
and private investment public 
services and the balance of 
trade.” This would be con- 
ducted either through the 


National Economic • Develop* - 
ment -Council, or through a 
strengthened version of the 
NEDC. to be called the National 
Planning Council. 

• The Planning Department 
would consult unions and man- 
agement and draw up a “ deve- 
lopment contract ” — a streng- 
thened form of the last Labour 
Government’s planning agree- 
ments — with leading companies 
in priority sectors. These 
contracts would include agree- 
ments on purchasing policy, 
import penetration, investment 
plans, pricing and training 
policies. The provision of public 
aid would be on condition that 
companies participate in deve- 
lopment contracts. 

Debate continues within and 
between the TUC and Labour 


Party on the scope of a plan-. 
ning ministry and that of the 
NEDC /National Planning Coun- 
cil. Some shadow ministers 
have particular reservations on 
the immense range of tasks and 
authority proposed for the 
Planning Ministry. 

However, it is accepted that 
planning must play a much 
more central role than in pre- 
vious Labour governments, as 
it now does in France under the 
Mitterrand government. 

The draft recognises that the 
1965 National Plan, produced by 
the short-lived Department of 
Economic Affairs, was largely a 
failure. It ascribes that failure 
to th ereteution of control of 
public expenditure and of 
macro-economic decisions by 
the Treasury and its " failure to 
come to terms with the various 


corporate strategies being pur- 
sued by companies.” 

It stresses that the central 
planning function will fail if it 
is not complemented by a radi- 
cal extension of industrial demo- 
cracy at plant level. It criticises 
the 1974-79 Government’s plan- 
ning agreements for their in- 
ability to alter the balance of 
power within companies in 
favour of their workers. 

The draft proposes a series of 
“ workers’ rights,” including the 
right to be consulted an clo- 
sure, merger and new invest- 
ment within a minimum of 60 
days: the right to have derisions 
on these issues delayed until 
unions respond within 40 days: 
aud the right to have alterna- 
tive strategies proposed by 
workers discussed " with a view 
to reaching agreement.” 


Howe agrees not to publish paper 


BY JOHN ELLIOTT AND MAX WILKINSON 


TUC and CBI leaders yesterday 
persuaded Sir Geoffrey Howe, 
the Chancellor of the Exche- 
quer, not to publish a paper he 
presented to the National Eco- 
nomic Development Council. 
The paper argued against the 
reflation ary policies advocated 
by union leaders. 

They were worried that offi- 
cial publication would spark a 
public. row that would, undo 
some of the good that had been 
achieved during constructive 
discussion in the council. 

The paper was a substantial 


counterblast against the idea 
that reflationary policies could 
be a solution to the problems 
of unemployment and low 
national output. 

It was based ou running 
various policy options through 
the Treasury’s economic model 
in line with a suggestion by 
the TUC at January's meeting 
of. the council. These included 
the effects of a £2bn a year 
increase in public sector capital 
spending and a 2} percentage 
point cut in value added tax, 


both proposed by the TUC. 

In both cases, the Treasury 
paper suggests there would be 
an immediate stimulus to out- 
put and jobs but that this 
would be largely dissipated 
.after five years through the 
impact of higher inflation, 
exchange and interest rates. 

The Government’s policies 
fared more favourably, showing 
the longer term benefits of a 
cut in interest rates, a reduction 
in wage costs and improved 
industrial performance. 


These conclusions would 
have had to be attacked by the 
TUC if officially published. The 
mood of the meeting was co- 
operative with the Chancellor 
saying that “ the work on next 
year’s Budget must begin now 
— I am open to proposals.” 

• Mr Geoffrey Chandler, direc- 
tor general of the National 
Economic Development Office, 
has been reappointed to serve 
for an extra year when his four- 
year term of office expires in 
June. 


Rail strike cost Government extra £50m 


BY MARTIN DICKSON AMD JOHN ELLIOTT 

THE TRAIN drivers’ strike 
earlier this year cost the Govern- 
ment £ 50m to £60m in additional 
loans and grants to the National 
Coal Board and the Central 
Electricity Generating Board. 

This does no* include a £40m 
increase in British Rail's 
external financing limit which 
has been allowed for the 1981-82 
financial year by the Treasury, 
but which is being clawed back 
this financial year. 

The figures emerged yesterday 
when the Treasury announced 


revised external financing limits 
for 1982-83 covering all national- 
ised industries. 

The National Coal Board over- 
shot its 19S1-82 external financ- 
ing limit of £1,1 17m by £121m 
because the rail strike prevented 
it moving coal to customers. 
The Government expects the 
NCB to make up about £80m 
of these lost sales through 
extra deliveries this year This 
is one reason for the Board's 
1982-83 EFL being lowered 
from £l,026m to £9 62m. But 


Ministers . accept that some 
£40m of tiie £12 lm cannot be 
recovered by the Board. 

The Government is also mak- 
ing a grant of up to £17m to the 
CEGB to cover the cost of burn- 
ing extra oil during the dispute 
and thus bolstering its stragetic 
coal stocks. 

Most of the other changes in 
the external financing limits 
announced yesterday have been 
made because of the cut of 1 per- 
centage point in the 3 i per cent 


national insurance surcharge 
announced in the Budget 

The Government only wants 
this concession to apply to the 
private sector so it has reduced 
the nationalised industries' fin- 
ancing limits by £180m to offset 
the cut 

Changes have also been made 
to other public authorities’ 
funding and corresponding cuts 
in local authorities' rate support 
grants are to be announced 
soon. 


Rowntree se]ls its 23.8% 
Huntley stake to Nabisco 


BY RAY MAUGHAN 

ROWNTREE MACKINTOSH, 
the confectionery group, 
abandoned its £76m pursuit of 
Huntley and Palmer Foods yes- 
terday when it sold its 23.8 per 
cent " holding in the biscuit 
manufacturer to its potential 
rival bidder, Nabisco Brands of 
New York. 

Nabisco paid £18.1m for the 
stake, or 107p per share. It is 
preparing to bid llapin cash or 
to offer I20p in shares for 
Huntley, if it is permitted fol- 
lowing the current Monopolies 
and Mergers Commission in- 
vestigation. 

This share offer would have 
topped Rowntree's contested 
formal bid of cash and eouity 
by about £10m, or as much as 
15n per share. 

Rowntree had also been 
referred to the commission, and 
iU chairman, Mr Kenneth 
Dixon, snid that “ nobody 
believed that the commission 
■ would have let one bid throueh 
and blocked the other. We 
always had a clear notion of 
what we wanted to pay for 
Huntley and we knew thfr we 
would have to spend large 
capital sums when we had 
control.” 

. He foresaw "an auction reach- 
ing levels we were not prepared 


to go to if both bids had been 
allowed" and pointed to “the 
possible downside on the 
Huntley share price if the 
commission had turned us both 
down. Nabisco approached us 
for our stake a week ago." 

Rowntree will take a £5ra 
profit on its holding, although 
the stake is shown in the 
accounts at £16m to include 
Rowntree's share of Huntley’s 
earnings. 


Continued from Page 1 

Unions 

pation will be made at the Con- 
gress an September — if not be- 
fore. A move by a minority of 
General Council members to get 
the TUC out was defeated ear- 
lier this year, but the current 
remains strong. 

A number of general council 
members, including Mr Len 
Murray, the TUC general 
secretary, have made it clear in 
recent speeches and statements 
that they regard the tripartite 
process as crucially important, 
and still of value to the trade 
unions. 


Continued from Page 1 


Redpath Dorman Long 


a former director of the com- 
pany. in a letter in today's Fin- 
ancial Times (page 19). who 
claims the company's concrete 
flooring unit alone is worth £5m. 

The sale, due to be completed 
by mid-April, has been hailed 
by Mr Norman Lament, Indus- 
try Minister, as a welcome con- 
tribution to the Government’s 
programme of transferring 
State-owned assets to private 
enterprise. 

Attacking this as “pure poli- 
tical dogma,” the steel man- 
agers' union said the £10m sale 
of the corporation's 100 per 
cent stake in the company con- 
tained “a strong hint of an 
Amersham type scandal” (a ref- 
erence to the controversy sur- 
rounding the sale in February 
of the StaJe-owned Amersham 
Internationtl) which makes 
radioactive packages for medi- 
cal use. 

The corporation has sought to 
justify tbe selling price by 
pointing to the company's losses 
of more than. £60m in the past 
five years. 

It is understood, however, that 
it showed a slight profit in the 
financial year ended last month 
and that this is likely to increase 
in the present year. One union 
has valued the company’s assets 
at abuut £22.5m. 


The Office of Fair Trading is 
carrying out what it calls a 
“matter of course" investigation 
of the sale. Such studies are 
routine in sales involving com- 
panies with assets of mare than 
£15m and with more than 25 
per cent of the market in which 
they» operate. 

The office usually likes to take 
at least three weeks over a 
study but is giving this one 
priority because the corpora- 
tion wants to complete the sale 
by the middle of the month. 

Unions have also accused Mr 
Ian MacGregor, the corpora- 
tion’s chairman, of going back 
on a promise that he would 
give them three years to get 
the company back on an even 
' keeL “ This has been achieved 
at the cost of tremendous 
sacrifice of jobs,” the steel 
managers' union said yesterday. 

Delegates from all the unions 
represented at the company will 
meet in York on April 21 to 
consider the proposed sale to 
Trafalgar. 

• Redpath Dorman Long and 
Trafalgar House's civil engineer- 
ing subsidiary Cementation are 
among nine companies tender- 
ing for a £10ra contract to build 
a viaduct in South Glamorgan, 
it is reported in today’s issue 
of Construction News. 


British Gas seeks LNG from Qatar 


BY RAY DAFTER, ENERGY EDITOR 


.BRITISH Gas Corporation has 
staked a claim to buy supplies 
from Qatar’s North Field, one of 
the world's biggest natural gas 
reservoirs. 

The corporation has begun 
discussing with Qatari officials 
the 'possibility of buying sub- 
stantial quantities of liquefied 
natural gas (LNG) in the 1990s. 
It is understood that British Gas 
is concerned that it may not 
have. enough supplies from the 
UK sectors of the North Sea 
and tbe Irish Sea to meet 
demand in the nineties and 
beyond. 

The state ■ gas undertaking 
has told the Qataris it would be 
interested in buying LNG to 
meet part of the normal British 
domestic and commercial fuel 
demand as well as the extra de- 
mand in winter months. In the 
past British Gas has imported 
LNG from Algeria to meet some 
of_the . demand in peak periods. 

‘ “British Gas, which ‘Win soon - 
have to compete with gas 


traders for North Sea supplies, 
said yesterday that a representa- 
tive recently visited Qatar with 
the co-operation of the Foreign 
Office. 

“We would be interested in 
importing LNG if it ds available 
from Qatar in the 1990s,"- said 
British Gas. ■" It is far too early 
to begin talking in terms of 
prices or quantities.” The cor- 
poration wa$ looking “ through- 
out the world ” for gas. “ We 
are willing to buy gas supplies 
from anywhere.” 

Studies in British Gas and 
the Energy Department indicate 
that large reserves of natural 
gas will have to be exploited on 
the UK Continental Shelf during 
the next few years if diortages 
are to be avoided in the 1990s. 

With tills in mind, the 
Government is ending the cor- 
poration's monopoly right of 
purchase in the UK and making 
ir possibly for oil companies in 
sell gas directly to British 


industrialists. 

Energy Department -ministers 
and officials believe that the 
competition will raise prices 
paid to producers and encourage 
a faster rate of development. 
British Gas is worried about the 
availability of supplies -to meet 
demand from its own customers. 
It forecasts that its sates will 
rise from the present 4.5bn cu 
ft a day to about 6bn cfd by the 
mid-1980s. 

It is understood that British 
Gas. is also interested in .buying 
additional supplies from the Nor- 
wegian sector of the North Sea 
where there is known to be large 
unexploited natural gas reserves. 
At present the corporation buys 
about one-fifth of its supplies 
from the Norwegian part of the 
Fries Field- 

The most rerent discussions in 
Oatar were conducted by Mr 
Paul Tempest, an -- energy 
specialist and Arabist in the • 
Bank of England yho is on 


secondment to the corporation's 
petroleum purchasing division. 

According to Qatar General 
Petroleum Corporation, proven 
reserves in the North Field 
amount to some 100-120 trillion 
(million, million) cu ft. Prob- 
able reserves are estimated to 
be 300 trillion cu ft "Produc- 
tion. possibly beginning in the 
law* 1980s, could be at a rate 
of 2bn to 2.4bn cu ft a day. On 
this . baas, there would be 
enough reserves to sustain ‘out- 
put for several hundred years. 

A number of companies are 
interested in being associated 
with the LNG export facilities, 
which could handle about two- 
thirds of the field's output and 
cost between $5bn and. $6bn 
(£2.8bn and £3.4bn). They 
include British Petroleum. 
Shell. Compagnie Franqaise des 
Petioles, Wintsrshall, and Roy 
M. Huffington. 

British Gas efficiency- audit,. 

Page 8 


Delay likely 

on Gibraltar 
border talks 

By Robert Graham in Madrid 

AN ANNOUNCEMENT- is 
expected today on the post- 
ponement of the reopening of 
the Spanish frontier with 
Gibraltar and the talks due 
to be held simultaneously on 
April 20 near Lisbon between 
the British and Spanish 
foreign ministers. 

A postponement has 
appeared increasingly inevit- 
able as a result of the situa- 
tion created by the Argentine 
invasion' of the Falkland 
Islands. 

Both the British and 
Spanish governments, how- 
ever, are anxious to stress 
that goodwill between the two 
parties still exists and any 
postponement would not in 
any way undermine their 
commitment to fulfil the 1980 
Lisbon agreement. 

This committed Spain to 
reopen the frontier and 
Britain to negotiate on all 
aspects of the future of 
Gibraltar including 

sovereignty. 

Spanish workmen yesterday 
afternoon started to pull 
down part of the Gibraltar 
frontier fence. 

The workmen are engaged 
in roadworks connected with 
the planned border opening 
for April 20. 

A detachment of policemen 
was quickly sent to the area. 
The Spaniards said barbed 
wire on top of the fence 
affected the work they were 
undertaking and started to 
cut it off. They stopped when 
told to do so. 

There has been a lack of 
communication from Spain 
over their works programme 
at the frontier, to the extent 
that the road they are build- 
ing does not connect with a 
road on the Gibraltar side.- 


Weather 


UK TODAY . 

SOME SUNSHINE, rain spread- 
ing South. 

London, S. England, S. Wales 
Mostly dry. sunny intervals. 
Max 12C 154F). 

Midlands, N. Wales, E. England 
Sunny periods, rain- spreading 
from North. Max 12C (54F). 
N.W. England and Lake District, 
Channel Isles, LoJVtan, S.W. 
Scotland . 

Rain at first, becoming drier 
and brighter. Max SC (46F). 
Rest of Scotland, N. Ireland 
Wintry sbowers. bright inter- 
vals. Max 7C (45F). 

Outlook: Cloud and some rain <in 
north and east. Mainly dry, 
some sunshine, elsewhere. 
Normal temps. 


WORLDWIDE 




Wday 



T'day 



midday 



midday 



'C 

“F 



"C 

•F 

Ajaccio 

S 

16 

61 

Jersey 

R 

12 

54 

Algiers 

F 

20 

68 

L PIms. 

S 

20 

68 

Amsdm. 

H 

13 

SS 

Lisbon 

s 

17 

83 

Athens 

F 

16 

61 

Locarno 

F 

16 

61 

Bahrain 

F 

23 

84 

London 

C 

12 

54 

Bsrclna. 

S 

18 

64 

Luxmbq. 

c 

9 

48 

Beirut 

F 

17 

63 ; Madrid 

s 

18 

64 

Belfast 

R 

11 

52iMeiorca 

F 

18 

64 

Belgid. 

F 

21 

70 

Malaga 

F 

18 

64 

Berlin 

C 

14 

57 

Malta 

C 

16 

51 

Biarritz 

5 

21 

70 

M - eh sir. 

c 

13 

55 

Bmghm. 

F 

14 

57 

Milan 

F 

17 

S3 

Biaeirpi. 

C 

11 

52 

Mntri.f 

F 

-12 

10 

Bordx. 

s 

19 

66 

Moscow 

S 

10 

50 

Boulgn. 

c 

12 

54 

Munich 

R 

9 

48 

Bristol 

c 

13 

55 

Naples 

S 

19 

6fi 

Brussels 

F 

15 

57 

Nwcstl. 

R 

13 

56 

fludpsf. 

s 

20 

68 

Nice 

F 

16 

61 

Cairo 

F 

21 

70 

Nicosia 

S 

19 

E8 

CsrOrff 

c 

12 

5* 

Oporto 

5 

17 

S3 

Cas’b’ca 

s 

19 

66 

Oslo 

C 

3 

37 

.Cfcicg.t 

F -13 

9 

Paris 

c 

14 

57 

Cologne 

R 

13 

55 

Perth 

c 

■24 

75 

.Cprihvn. 

F 

12 

54 

Prague 

c 

12 

54 

Corfu 

S 

17 

63 

Rykivk. 

5 

2 

36 

Danwert 

F 

-1 

30 

Rhodes 

s 

18 

84 

Dublin 

C 

12 

54 

Roms 

F 

18 

64 

Dbnrnfc. 

s 

16 

64 

Salzbrg. 

R 

9 

48 

Ednbgh. 

c 

12 

54 

Slngepr. 

T 

26 

79 

Faro 

s 

20 

68 

Stckhm. 

F 

9 

48 

Florence 

F 

18 

64 

Scrasbfj. 

*R 

14 

57 

Frsnleft 

R 

11 

52 

Tangier 

S 

21 

10 

Funchal 

C 

16 

64 

Tel Aviv 

c 

15 

59 

Geneva 

s 

17 

63 fTsnenfB 

s 

20 

68 

Gibrltr. 

s 

18 

64 

Tokyo 

R 

13 

55 

Gl'afl'w 

F 

11 

52|TYn»t 


-11 

12 

G'rnsay 

R 

10 

50 jTums 

C 

16 

61 

Helsinki 

R 

n 

36 i Valencia 

S 

19 

66 

H. Kong 

C 

20 

66 

Venice 

s 

15 

59 

Innsbric. 

A 

9 

48 

Vienna 

c 

15 

59 

Iiwrnsa. 

R 

6 

43 

Warsaw 

c 

15 

59 

I.o. Man 

F 

70 

50! Zurich 

c 

13 

59 

Istanbul 

S 

10 

SO 1 






G— Cloudy. F— Fair. Fg — Fog. H — Hail.' 
R— Rain. S — Sunny. SI— Sim. 

Sn— Snow. T— Thunder, 
t Noon GMT tampara tufas. 


THE LEX COLUMN 

Chinese boxes 
in Hong Kong 


Thfe markets recovered their 
poise yesterday in time for the 
long Easter weekend. Monday's 
scares over war and the passible 
fall of the Government were 
defused by talk of a negotiated 
settlement -of the Falkiands 
crisis, and sterling made an 
important recovery to. the 90 
level in terms of the rrade- 
weighted index. The. rise in the 
30-Share Index leaves it less 
than 10 paints below last 
Friday's closing figure, and actu- 
ally higher than at the begin- 
ning of last week. Gat-edged 
remain some 24- points off peak 
levesl at the long end, however, 
and in general the London finan- 
cial markets have given' another 
demonstration of. their volatility. 

Jardiue/HK Land 

From now. on investors in 
cither Hong Kong Land or 
Jardine Matheson will need to 
steel themselves to tackle the 
arcane accounting rules of the 
“Bogie method.” This has been 
the route chosen to equity 
account for the two groups' 
substantial cross shareholdings. 
Under Dr Bogie, an accounting 
theorist, Jardine's net earnings 
of HKS723m evidently' include 
a 35 per cent share of Hong 
Kong Land's HK$1.4bn earnings 
which, wait for it, include 
40 per cent of Jardine's 
HK$723m; and rice versa. That 
is a puzzle, but at least the 
regression stops there, before 
the Chinese box game runs 
to tall y out of controL Never- 
theless, the method will still 
tend to produce a higher figure 
for aggregate stated profits than 
if the results of the two groups 
were consolidated as one. 

Fortunately for both groups, 
earnings at Hong Kong Land 
have powered ahead, with an 
increase of 134 per cent. The 
jump has been supported by a 
sharp rise in the contribution 
from the sale of developments 
to perhaps 30 per cent of total 
profits. Profits from this source 
will drop away again in the 
current year, but instead the 
benefits of rent reviews and 
reversions will be beginning, to 
come through strongly. With 
property values holding up so 
far in central districts. Land 
should be able to make further 
progress in 1982, albeit at a 
more modest pace. 

This should mean that in the 
current year earnings will just 
about cover the interest cost to 
Jardine of holding its Land 
stake. In 1981. interest costs 
exceeded earnings by HK$126m, 
although after taking in extra- 
ordinary profits, Jardine came 
out ahead to the tune of 
HK$12Sm. Elsewhere, construe- 


Index rose 8.3 to 561.3 



108 h 


104 


100 


92 h 


Insurance 
Composite 

BriranuFT-AMl-SHMEMEX, 


1981 


1982 


tion and financial service? have 
been a strong spot for Jardine, 
with gains . comfortably out- 
weighing an HK$I23m turn- 
round into loss in the sugar 
operation. 

Meanwhile. .after the fall in 
the Hong Kong stock market, 
the discrepancy in the valuation 
of the two stocks has narrowed 
appreciably and both are offer- 
ing yields of 6 per cent (includ- 
ing the Land special payment). 
So Jardine no longer looks a 
cheap way into Laud. 

Gill and Duffus 

After two attempts at revis- 
ing its October £20m forecast. 
Gill and Duffus managed to 
avoid further shocks yesterday 
when it reported pre-tax profits 
for 1981 down from £23. lm at 
£12.Sm. This falls with some 
precision within the £12m to 
£l3.5m band foreshadowed in 
February. Nor are there any 
surprises in .the specific prob- 
lems that have caused the re- 
lapse. Unauthorised trading in 
Hong Kong has cost the group 
£7m and the U.S. money market 
operation, now closed, another 
£1.8m. The U.S. chemical trad- 
ing operation • has produced 
losses of $3m. while Brazilian 
coffee exporting has been dull 

A problem of unauthorised 
trading in a remote operation 
could affect the best-managed of 
groups. But the chase for profit- 
less turnover in the U.S. chemi- 
cals operation, and failure in 
the New York money market 
both suggest that the manage- 
ment has not been capable of 
controlling adequately its recent 
diversifications away from the 
mainstream commodity ra en- 
chanting operation. The new 
management is now trying to do 
something about this, and it 
will be critical for the stock 
market's confidence in the com- 


pany that the US. chemical - 
trading operation and the new 
sugar trading business are aeon ' 
to go well. : 

The heady years between 
lDTfi and 1978, when .eocna 
prices and with them meschMi- • 
ing and processing pwflBTv^t 
through the roof, arc now ftfcin • 
the past. So profits growth? fo-. 
a soft commodity merchant ioay 1 
be hard -to find. This yea* ft* 
pre-tax outturn may b£- jt@ 
better than. £ 17m or so, oven 1 
without specific problems./ The ' 
Shares fell 2p yesterday to l^p,. 
where the yield -iff 4.1 percent. 
But this still repreants a 
premium to net assets. 

Composites . 

Sun Alliance fell some way 
short of the market's expects- - 
tions yesterday, reporting pre- 
tax profits which, at £70,9m,~, 
showed . only a marginal 
increase on 1980. That repre, 
seated something of a reUpsc, 
coming after- the excellent first 
half. With Phoenix turning in 
a more predictably dull per-, 
formancc, showing a pre-tax 
decline from £32.2m to. ESD.im, 
the composite insurance results 
season has drawn to an unJo- , 
spiring close. 

The sorest point for Sun 
Alliance was its experience in 
Australia, where the need to 
provide extra-heavy inflation 
proofing for workers' compen- 
sation payments has wrecked 
the assumptions upon which • 
much of that business was 
written. Three-quarters of the : 
Australian underwriting ton n( 
£t6.3m relates lo workers' com- 
pensation; a class where Suit. - 
Alliance has now lifted ta rates 
to deterrent levels. 

• The underlying direction of 
UK underwriting was probibhr 
still favourable last yttff, big ; 
the winter weather wHl have 
swamped that trend. Cttfrastf 
£l4m for December's damage . 
could bo succeeded by another 
1 25m relating to the *01 . 
harder frosts of January. The 
weather has had rather. less 
Impact on Phoenix — costin* 
about £lm in December vhti 
say another £3m to come. ;®* 
Phoenix. like Sun Alliance 
has noticed much more aggm> 
sire rate competition in UK 
commercial property in the Bst 
three months or so. 

There should be -.‘gaffe, 
recovery potential for Sun tw 
year — its 1981 Australian kd* 
contained an. exceptional . qfe-. 
ment of about £10im — althousi 
any real, advance will probably 
have to wait for 1983. - For 
Phoenix, rate-cutring in the UK 
may be more difficult to sur- 
mount. reflected in its yield of 
10.7 per cent against 5mi 
Alliance’s 7.S per cent. 1 



OBJECTIVE: Maximise retum/Minimise risk 
on $A transactions 


JfiMQ 



not*} 


Ifyou have an interest in Australian dollars then we invite youto cuff . 
CTBA for a competitive exchange and deposit rate. . 

As part of Australia's largest banking organisation, we provide a full 
service in §A for spot forward and deposit transactions. ■- 

To discuss your requirements in this market which is growing in size 
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Mr. M.J. (Muj) King in London on 01-600 0822 (erterSan 242) ■ • 
todoy. , 


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tivwHV 8 UHJa i r v EC.'fi S£D. ie : . - Tcic.\ £8 
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